Ethereum Co-Founder Transfers $6M ETH as Whales Snag $1.6B in Just 2 Days

Ethereum Co-founder’s Portfolio Moves Spark Market Attention

Ethereum co-founder Jeffrey Wilcke is reportedly preparing to sell some of his ETH holdings after transferring roughly 1,500 ETH to crypto exchange Kraken on Thursday. The transfer, valued at about $6 million at current prices, coincides with a slight decline in Ether’s price from $4,000 to approximately $3,900. While moving funds to an exchange does not necessarily indicate an imminent sale, such activity often triggers market speculation, especially when affiliated with a lone pioneering developer of the blockchain.

Past activity shows Wilcke depositing $9.22 million worth of ETH into Kraken in August, adding to a history of significant transfers. Notably, he previously withdrew over $262 million worth of ETH, which was speculated to be moved to multiple wallets rather than sold on the open market. Yet, Wilcke’s recent repost on social media, suggesting “he will sell more in the future,” fuels ongoing debate about his investment strategy amid market uncertainty.

Attempts to reach Wilcke for comment did not elicit a response before publication. Known for his integral role in Ethereum’s early development—from December 2013 to March 2018—Wilcke is now leading a new venture as CEO and technical director of Grid Games, a blockchain-based video game studio.

Whales Continue to Accumulate ETH Despite Market Decline

While Wilcke’s recent transactions spark curiosity, they are dwarfed by ongoing whale activity. Despite Ethereum’s price dropping by 13% in the past week, large-scale investors are actively acquiring ETH at lower prices. According to data from Lookonchain, at least 15 wallets have bought over 406,000 ETH, worth approximately $1.6 billion, in just the past two days. These large acquisitions have been executed across multiple major platforms, including Kraken, Galaxy Digital, BitGo, and FalconX.

Earlier this month, a prominent whale shifted funds from Bitcoin to Ethereum, holding over $4 billion worth of ETH. Last month, whales purchased more than 260,000 ETH—valued at about $1.14 billion—between August 24 and 26, further indicating strong institutional confidence during a volatile period.

As the cryptocurrency markets navigate macroeconomic challenges, such as regulatory uncertainties and fluctuating institutional interest, the activity of major wallet holders underscores a significant trend: institutional and whale confidence in Ethereum remains resilient, potentially signaling optimistic long-term prospects for Ethereum, DeFi, and NFTs.

This article was originally published as Ethereum Co-Founder Transfers $6M ETH as Whales Snag $1.6B in Just 2 Days on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.