Ethereum co-founder Jeffrey Wilcke deposited 9,840 ETH valued at $9.22 million into Kraken as the price surged to around $4,300. As of now, ETH trades near $4,222.90.
Key Takeaways
- Jeffrey Wilcke, co-founder of Ethereum, moved 9,840 ETH, with current value estimated to approximately $9.22 million, to Kraken as documented by Lookonchain.
- Ethereum made a huge jump, reaching 25% gain over the past week while approaching highs near $4,300, supported by strong institutional demand and on-chain activity.
- SharpLink withdrew 17,655 ETH (~$72.7 million) from exchanges, while another whale bought 8,109 ETH (~$34 million). Despite massive sells, prices held firm.
Jeffrey Wilcke, one of the original co-founders of Ethereum, transferred 9,840 ETH, valued at roughly $9.22 million, into Kraken, an action documented by on-chain tracker Lookonchain in their post on X. The move occurred as ETH’s price was climbing near $4,300, triggering market attention.
According to on-chain records, Wilcke’s total ETH transfers reached 104,737 ETH into eight new wallets over the past three months. After the recent 9,840 ETH transfer, Wilcke still holds 95,897 ETH, valued at roughly $403.5 million.
Large Exchange Inflows Raise Short-Term Sell Pressure Concerns
Historically, large exchange inflows by influential figures often indicate potential selling pressure. Analysts and on-chain research from platforms like Glassnode and CryptoQuant warn that such movements can increase short-term supply and volatility.
However, in the current crypto market, bullish momentum appears to be outweighing potential bearish implications, resulting in sustained upward trends despite whale selling.
The week-long surge of approximately 25% underscores renewed bullish sentiment. Institutional and large holder activity including SharpLink Gaming’s withdrawal of 17,655 ETH and another whale’s $34 million purchase signals deeper market confidence. Even with significant sell amounts, like Erik Voorhees’ $27 million transfer, ETH’s price has remained stable.
ETH Holds Ground Above $4.2K Despite Whale Activity
As of writing (9:30 AM UTC), Ethereum (ETH) trades at $4,222.90 with a 24-hour gain of approximately 0.6%, ranging from $4,168.48 to $4,315.64 in the past day, according to TradingView and CoinGecko.
ETH’s RSI from TipRanks sits at 58.75, under overbought levels, suggesting room for further upside.
What’s Next
Wilcke’s transfer to Kraken is a notable data point amid Ethereum’s sustained rally. While large inflows can suggest upcoming selling, the combination of institutional accumulation and resilient prices indicates strong confidence in ETH’s trajectory. With Layer-2 scaling and staking upgrades approaching, ETH could maintain its bullish course if demand holds.
Summary
Ethereum co-founder Jeffrey Wilcke moved 9,840 ETH worth $9.22 million to Kraken as ETH trades above $4,200. Despite historical concerns about whale inflows, Ethereum has maintained momentum, gaining 25% over the past week. Institutional activity and bullish technicals suggest continued upside potential.
