Ethereum Co-Founder Moves ETH to Kraken Amid Whale Buying
Ethereum co-founder Jeffrey Wilcke transferred 1,500 ETH (about $6 million) to Kraken as ETH dipped from $4,000 to $3,900. While exchange deposits can signal quick sell-offs, on-chain analytics show his August $9.22 million and earlier $262 million ETH transfers did not lead to immediate sales. His recent repost on X fuels further sell speculation.
Meanwhile, at least 15 whale wallets have accumulated over 406,000 ETH (roughly $1.6 billion) in the past two days, even as major exchanges like Kraken, Galaxy Digital, BitGo and FalconX offloaded tokens. Traders should monitor on-chain whale flows and exchange reserves: large-scale ETH accumulation often underpins price support and may signal a bullish turn for market sentiment.
Bullish
Although Wilcke’s ETH deposit to Kraken could suggest looming sell pressure, historical on-chain data shows his large transfers have not triggered immediate sales. At the same time, substantial whale accumulation—over 406,000 ETH in two days—demonstrates strong demand at current levels. In the short term, market volatility may persist due to speculation around the exchange deposit, but the sustained whale buying and rising exchange inflows indicate robust price support and a likely bullish trajectory for ETH.