Ethereum co-founder Jeffrey Wilcke has drawn attention after moving a notable amount of Ether to a crypto exchange, even as large-scale investors, or “whales,” ramp up their buying spree. The activity highlights a sharp contrast between potential insider profit-taking and institutional accumulation, as ETH prices continue to consolidate below the $4,000 mark.
Wilcke Sends 1,500 ETH to Kraken
On Thursday, Wilcke transferred 1,500 ETH—worth around $6 million at the time—to Kraken, according to on-chain analytics platform Lookonchain. The move came as Ether slipped from $4,000 to about $3,936, extending a week-long decline that has seen the asset shed more than 13%.
Though sending crypto to an exchange wallet often raises speculation about an impending sale, it does not necessarily confirm liquidation. In fact, Wilcke has a history of moving substantial amounts of ETH to Kraken without clear evidence of sales. In August, he deposited $9.22 million worth of ETH, while in earlier transactions, he shifted $262 million, which was later redistributed to eight new wallets.
Still, Wilcke fueled speculation by reposting an X comment suggesting he could sell more ETH in the future. Cointelegraph reported that he did not respond to requests for comment.
Wilcke was an integral part of Ethereum’s development between 2013 and 2018 before leaving to launch Grid Games, where he currently serves as CEO and technical director. Despite stepping back from the Ethereum project, he still reportedly holds hundreds of millions worth of ETH across multiple wallets.
Whales Accumulate $1.6B in ETH
While Wilcke’s $6 million transfer captured headlines, it pales in comparison to the aggressive whale buying spree underway. According to Lookonchain, at least 15 wallets collectively purchased 406,000 ETH—worth $1.6 billion—over just two days.
These massive acquisitions came from several major crypto players, including Kraken, Galaxy Digital, BitGo, and FalconX. The buying spree suggests that deep-pocketed investors view Ethereum’s pullback as a buying opportunity rather than a cause for concern.
This surge in accumulation follows last month’s trend, when whales snapped up over 260,000 ETH, valued at $1.14 billion, between August 24 and August 26. Earlier in September, another whale even sold billions in Bitcoin to rotate into Ethereum, swelling its holdings to over $4 billion worth of ETH.
Outlook
Despite short-term volatility and high-profile moves by insiders like Wilcke, whale behavior underscores confidence in Ethereum’s long-term value. With institutional accumulation climbing and the price holding near $3,900, market participants are closely watching whether ETH can defend support around $4,000 or face deeper corrections.
For now, Ethereum’s story is one of divergence: while one of its co-founders edges closer to potential sales, whales continue to scoop up billions, betting that ETH’s next breakout is only a matter of time.