ICYMI: Ethereum Co-Founder Has Been Moving ETH To Exchanges, Here’s How Much

bitcoinistPublished on 2026-03-11Last updated on 2026-03-11

Abstract

On-chain data reveals Ethereum co-founder Jeffrey Wilcke moved 79,358 ETH (worth $158.9 million) to Kraken exchange on March 7, raising concerns about potential insider selling. The transaction, tracked by Arkham Intelligence, originated from multiple wallets linked to Wilcke and follows a similar transfer of over $262 million in ETH to the same exchange ten months prior. Such large deposits often signal impending sell-offs, and Wilcke’s gradual transfer pattern suggests a strategy to minimize market impact. Despite the move, ETH remains above $2,000, though it has fallen 6% in a week. This follows Ethereum founder Vitalik Buterin’s recent $45 million ETH sale, which he said funded development projects. Combined, these high-profile transactions may increase selling pressure on ETH, with analysts warning of further downside if it breaks key support levels.

On-chain data has identified a massive ETH transfer linked to Ethereum co-founder Jeffrey Wilcke, raising immediate concerns about potential insider selling pressure on the already fragile market. Blockchain analytics platform Arkham Intelligence flagged the large-scale transaction, drawing widespread attention across the crypto community.

Ethereum Co-Founder Moves $158 Million In ETH To Kraken

On March 7, roughly 79,358 ETH, valued at $158.9 million at the time, was moved from a cluster of wallets linked to Wilcke to Kraken, one of the world’s largest crypto exchanges. The transaction was routed through three separate source wallets, 0x16Cb7E, 0xe9c8, and 0xC90C8, before consolidating into a single intermediary address, 0x38a2C. After which, the intermediary wallet transferred the total amount to Kraken within a few hours.

Source: Arkham

What makes this movement even more compelling is that these same wallet addresses had deposited 105,736 ETH, valued at approximately $262.07 million, to Kraken about 10 months ago, when the cryptocurrency was trading around $2,600. The multiple deposit transfers have fueled speculation that Wilcke may be repositioning or preparing to sell a significant portion of his holdings.

Source: Arkham

Typically, large-scale deposits of this magnitude at exchanges are widely interpreted by market participants as a signal of possible selling activity ahead. Moreover, this pattern of deposit suggests a deliberate approach to offloading ETH holdings to prevent market volatility. Rather than making one large deposit, Wilcke appears to be spreading his transactions across multiple time periods. This strategy is common among whales looking to sell, as it helps reduce market impact and prevent sudden price drops.

Despite the large transfer, the Ethereum price remains above $2,000, down more than 6% in the past week. The transaction has also reduced Wilcke’s considerable holdings to 15,737 ETH, valued at approximately $31,832,190, according to Arkham Intelligence.

ETH Insider Moves Compound Amid Fragile Market

Wilcke’s latest ETH deposit lands against a backdrop of other high-profile Ethereum figures trimming their positions. Most notably, Vitalik Buterin, the founder of Ethereum, had earmarked and later sold over 16,384 ETH, worth more than $45 million at the time in February.

Buterin had publicly stated that the proceeds from the sales would fund open-source software and hardware development focused on sectors such as finance, governance, and biotech. His transparency stands in stark contrast to the ambiguity surrounding Wilcke’s recent ETH transfers.

Regardless of the underlying purpose behind each transaction, the combined weight of these high-profile insider sell-offs could place significant downward pressure on Ethereum’s price. ETH is currently struggling to hold the $2,000 psychological level, and such strong volatility from sell-offs could trigger further declines and shake investor confidence. Analysts have also projected more downside ahead for the cryptocurrency, especially if it breaks the $2,000 level.

ETH price tentatively holding to $2,000 | Source: ETHUSDT on Tradingview.com

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