Ethereum native token Ether has seen a solid rally, jumping over 60% in the past few weeks, reaching a high of $2673. But just as price began to surge, something unexpected happened, Ethereum co-founder Jeffrey Wilcke quietly moved 262 million of ETH to the Kraken exchange.
This move surprised many and raised the big question: Is he planning to sell? As his past actions suggest that a major sell-off might be on the way.
$262 Million in ETH—Gone in a Flash?
According to on-chain tracker Arkham, Wilcke transferred more than 105,000 ETH (about $262 million) to Kraken. What’s even more surprising is that this wallet had been mostly inactive for months. And the timing? It happened right after ETH broke past the $2,600 mark.
Following the transfer, Wilcke’s ETH holdings dropped to under 300 coins. The last time he made such a large move was in November 2024, just before Ethereum hit a 12-month high, after which the price corrected.
So naturally, this triggered fears that another major dump might be on the way.
Is He Selling? Or Just Moving Funds?
At first glance, the transaction looked like a sign that Wilcke might sell. But shortly after the deposit, eight new wallets withdrew the same amount of ETH from Kraken. This led some analysts to believe he may have simply redistributed his funds rather than offloading them.
Interestingly, Wilcke even reposted news of the transaction, but didn’t offer any explanation. His silence has kept people guessing, but the activity doesn’t clearly point to a dump
So while the recent transfer looked dramatic, it may not have been a bearish move after all.
Impact On ETH Price
Despite the massive transfer, Ethereum’s price held up well. As of now, ETH is trading around $2607, reflecting a rise of 2.24%, with the market cap hitting $314 billion.
Despite the major move, one positive signal is that Ethereum’s supply on exchanges has dropped to just 4.9%, the lowest in 10 years. That suggests fewer people are preparing to sell, which is often seen as a positive signal for long-term holders.
Meanwhile, there are also some concerns about a possible bug in the EIP-7702 upgrade, which might slow Ethereum’s recent momentum.
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