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

Trending Cryptos

Related Reads

Must-Watch Events Next Week|CLARITY Act Could Face Senate Vote; SpaceX, Circle to Report Earnings (8.3-8.9)

**Summary: Key Events and Developments to Watch (August 3-9)** The upcoming week is marked by significant financial disclosures, key legislative deadlines, and notable product updates. **Major Financial Events:** Several companies are scheduled to release their Q2 2026 earnings. American Bitcoin (ABTC) will report on August 3, followed by SpaceX and Hut 8 Mining Corp. on August 4, and Circle on August 5. Notably, a significant portion of SpaceX shares (up to 12% of total shares) will be unlocked on August 6 following their earnings release. **Key Legislative Deadline:** The U.S. Senate faces an August 7 deadline to secure 60 votes for the CLARITY Act, a bipartisan bill aiming to establish a federal regulatory framework for cryptocurrencies. The Senate may hold a full vote on the bill during the week. **Economic Data:** The U.S. July Non-Farm Payrolls report will be released on August 7, providing crucial labor market data. **Technology & Product Updates:** * **Shutdowns:** DeFi portfolio tracker Zapper and wallet app Ctrl Wallet will cease operations on August 3. * **Upgrades:** LayerZero will deprecate its v1 relayers on August 3. XRP Ledger's new version 3.3.0, featuring five new functions, is expected next week. * **AI:** Elon Musk announced that the advanced Grok 4.6 AI model is set for release around August 7. * **Bitcoin:** The BIP-110 forced signaling for a potential Bitcoin network change is scheduled to begin around August 8. **Other Notable Events:** Chinese robotics firm Unitree Tech has set its preliminary price inquiry for its IPO for August 5. South Korean exchange Upbit will delist AQT and AERGO tokens on August 3.

marsbit56m ago

Must-Watch Events Next Week|CLARITY Act Could Face Senate Vote; SpaceX, Circle to Report Earnings (8.3-8.9)

marsbit56m ago

Stocks Are Plummeting More Sharply Than Cryptocurrencies. Where Has the Money Gone?

Stock Markets Plunge Deeper Than Cryptocurrencies: Where Did the Money Go? In late July, Seoul's Kospi index triggered circuit breakers for two consecutive days, plummeting over 40% from its June high. The collapse was led by heavyweight stocks like SK Hynix, whose record profits still disappointed investors, and devastating leveraged ETFs, with one major product losing over 83% of its value. This signaled a global, forced deleveraging targeting the most crowded trades. Interestingly, while stocks exhibited extreme volatility akin to crypto markets, Bitcoin rose nearly 15% in July after a prior steep drop. Analysis shows the money fleeing equities did not flow into Bitcoin. Instead, Bitcoin had already absorbed its sell-off in May-June, when U.S. spot Bitcoin ETFs saw historic outflows. The true safe-haven beneficiary was gold, whose price rose over 20% year-on-year, highlighting a decoupling between Bitcoin and gold as "digital gold." The sell-off was a targeted unwinding of leveraged positions in tech and semiconductors, accelerated by broker-dealer risk management and shifts in the AI narrative, including new competition from Chinese memory chipmakers. The retreat path was clear: from high-valuation tech stocks to cash and U.S. Treasuries, then to gold. For Bitcoin to attract sustained institutional inflows, conditions like eased global liquidity pressure, a "soft-landing" Fed rate cut, and U.S. regulatory clarity via legislation like the stalled CLARITY Act are needed. Currently, Bitcoin is not a safe haven but an already-cleared asset. Its low correlation with tech stocks, however, makes it a potential diversification play for institutional portfolios once the storm passes. The money isn't here yet, but the positioning is underway.

marsbit56m ago

Stocks Are Plummeting More Sharply Than Cryptocurrencies. Where Has the Money Gone?

marsbit56m ago

In Conversation with Ray Dalio: We Are Currently in an AI Bubble, with 1% of My Portfolio in Bitcoin

Ray Dalio, founder of Bridgewater Associates, warns in an interview that the current AI boom shows classic bubble characteristics, which could lead to significant economic downturns as seen in past cycles like 1929 or 2000. He explains that speculative enthusiasm, fueled by debt and overvaluation, often precedes a crash when rising rates or taxation force asset sales, causing widespread losses and recession. Dalio also outlines his "Big Cycle" theory, describing an approximate 80-year pattern where widening wealth gaps, massive government deficits, and shifting geopolitical power (like China's rise) create internal conflict and global instability. He emphasizes that we are in a late-cycle, transitional phase where traditional powers like the US and UK face decline. For personal wealth protection, Dalio advises diversification beyond cash into assets like stocks, bonds, real estate, and particularly gold, which he prefers over Bitcoin. While he holds about 1% of his portfolio in Bitcoin as a non-printable hard asset, he views gold as more secure from technological or governmental threats. Regarding AI's impact, Dalio believes it will disproportionately benefit capital owners, worsening inequality by replacing both physical and cognitive labor. He suggests that human intuition and emotional intelligence, combined with AI, will be key for future workers. On taxation, Dalio argues that wealth taxes are impractical and risk triggering asset sell-offs, reducing productive investment. He points to the UK as a cautionary example of debt, low productivity, and political strife. Geopolitically, Dalio foresees a more regionalized world, with the US showing weakness in prolonged conflicts like with Iran, akin to past imperial declines. The ideal outcome, he suggests, is coexisting powerful blocs (e.g., Americas, China-Asia Pacific) without major war.

marsbit4h ago

In Conversation with Ray Dalio: We Are Currently in an AI Bubble, with 1% of My Portfolio in Bitcoin

marsbit4h ago

Daily 7.2 Trillion KRW: Foreign Capital's Record Net Buying on Friday! Wall Street Says Headwinds for Korean Stock Fund Flows Have Subsided

South Korean stock market sees a dramatic shift in fund flows. On July 31, foreign investors made a record net purchase of approximately KRW 7.2 trillion in KOSPI stocks, marking a fundamental reversal from the persistent large-scale net outflows seen in previous months. This contributed to a significant narrowing of foreign net selling in July to KRW 9.8 trillion, down sharply from KRW 48.4 trillion in June and KRW 44.5 trillion in May. Simultaneously, domestic institutional pressure eased. South Korean pension funds and asset managers turned to a net buying position in July, purchasing KRW 1.0 trillion worth of KOSPI shares, contrasting with net sales in May and June. Market volatility is expected to be dampened by new financial regulations. Effective July 31, the Financial Services Commission tightened access for retail investors to single-stock leveraged ETFs by raising the minimum cash deposit requirement. Trading volumes for these products subsequently dropped to about 50% of their monthly average. Citigroup Research maintains its year-end KOSPI target of 10,000 points. The firm cites several supportive factors: the substantial easing of headwinds from capital outflows, a robust fundamental outlook for the semiconductor sector, historically low market valuations, strong economic fundamentals, and the potential for policy support from financial authorities if needed.

marsbit4h ago

Daily 7.2 Trillion KRW: Foreign Capital's Record Net Buying on Friday! Wall Street Says Headwinds for Korean Stock Fund Flows Have Subsided

marsbit4h ago

Trading

Spot

Hot Articles

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of ETH (ETH) are presented below.

活动图片