The cryptocurrency known as Ether, which is native to the Ethereum platform, has experienced a significant increase, climbing more than 60% in the last few weeks and peaking at $2673. However, right when the price was gaining momentum, something surprising took place – Ethereum co-founder Jeffrey Wilcke transferred 262 million ETH to the Kraken exchange without much fanfare.
This action left people questioning if he’s preparing for a potential sale, given his history seems to indicate a substantial sell-off could be imminent.
$262 Million in ETH—Gone in a Flash?
As reported by Arkham’s on-chain tracker, a significant amount of over 105,000 ETH, equivalent to approximately $262 million, was moved from Wilcke’s wallet to Kraken. Interestingly enough, this wallet had been largely inactive for months prior. What makes this transaction particularly noteworthy is that it occurred immediately after ETH surpassed the $2,600 mark.
ARKHAM ALERT: ETHEREUM COFOUNDER JEFFREY WILCKE JUST SENT $262M OF ETH TO KRAKEN
— Arkham (@arkham) May 20, 2025
After the recent transfer, Wilcke’s Ethereum (ETH) holdings fell below 300 coins. The last significant transaction of this kind was conducted in November 2024, right before Ethereum reached a 12-month peak. Following this high point, the price of Ethereum adjusted.
So naturally, this triggered fears that another major dump might be on the way.
Is He Selling? Or Just Moving Funds?
Initially, it seemed as if Wilcke could be planning a sale, given the appearance of the transaction. However, soon after the deposit, it appeared that eight separate wallets withdrew an identical amount of ETH from Kraken. This has sparked speculation among analysts that he might not have been selling his holdings, but rather reorganizing them instead.
Remarkably, Wilcke shared information about the deal, yet failed to provide an insight. His lack of commentary has left many speculating, and his actions don’t definitively suggest he was selling off his holdings.
So while the recent transfer looked dramatic, it may not have been a bearish move after all.
Impact On ETH Price
Even though there was a large amount transferred, Ethereum’s value remained strong. Currently, Ethereum (ETH) is being traded at approximately $2607, showing an increase of 2.24%. As a result, the market capitalization has reached a staggering $314 billion.
Regardless of the significant shift, there’s a promising indicator: Ethereum’s supply on exchanges has fallen to only 4.9%, the least in a decade. This implies that fewer individuals are planning to sell, which is typically viewed as a favorable sign for long-term investors, suggesting potential price stability or growth.
Additionally, there’s a bit of unease regarding a potential glitch in the EIP-7702 update, which could potentially halt Ethereum’s current progress.
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2025-05-21 11:20