Ethereum Co-Founder Moves $6M in ETH as Whales Buy $1.6B During Market Dip

Ethereum co-founder Jeffrey Wilcke has transferred $6 million worth of ETH to Kraken, sparking speculation about potential sales. Meanwhile, major crypto whales are taking advantage of the price dip, collectively buying more than $1.6 billion worth of Ether in just two days.

• The co-founder still holds hundreds of millions worth of Ether.
• Past transactions show Wilcke previously deposited over $262M in ETH to exchanges.
• At least 15 whale wallets accumulated 406,000 ETH ($1.6B) over the past 48 hours.
• The large-scale buying comes as ETH’s price dropped 13% in a week.

Ethereum co-founder Jeffrey Wilcke has transferred approximately 1,500 ETH — valued around $6 million — to the crypto exchange Kraken, according to on-chain analytics firm Lookonchain. The move came as Ether’s price slid from $4,000 to roughly $3,900, fueling market speculation that Wilcke may be preparing to sell a portion of his holdings.

Although sending funds to an exchange does not necessarily imply a sale, this isn’t Wilcke’s first significant transfer. In August, he deposited about $9.2 million worth of ETH to Kraken, and earlier had sent $262 million worth of ETH to the same exchange. At the time, Lookonchain suggested those earlier transfers were likely internal — possibly redistributing assets to new wallets rather than liquidating them.

However, Wilcke recently reposted a comment on X (formerly Twitter) speculating that he “will sell more in the future,” prompting renewed discussion among crypto traders. Despite the speculation, Wilcke — who was instrumental in Ethereum’s early development from 2013 to 2018 and now leads Grid Games as CEO and technical director — has not publicly commented on the latest transactions. 

While Wilcke’s movements drew attention, the broader picture in the Ethereum market shows a contrasting trend. Large investors, commonly known as whales, appear to be capitalizing on the recent downturn. Data from Lookonchain reveals that at least 15 whale wallets collectively bought more than 406,000 ETH — worth about $1.6 billion — in the past two days alone. These purchases came from platforms including Kraken, Galaxy Digital, BitGo, and FalconX.

This surge in accumulation follows a consistent pattern: whales bought over 260,000 ETH (worth $1.14 billion) in late August, and one major investor reportedly shifted billions of dollars from Bitcoin into Ethereum earlier this month. Despite ETH’s 13% price decline over the past week, the buying spree suggests that large holders remain confident in Ethereum’s long-term potential.

Final Thought:

While Jeffrey Wilcke’s $6 million ETH transfer has raised eyebrows, it pales in comparison to the massive whale accumulation happening simultaneously. The move highlights two sides of the market — profit-taking by early insiders and long-term conviction from institutional-scale buyers who see value in Ethereum’s dip.