Ethereum Co-Founder Moved $6M of ETH; Whales Bought $1.6B In 2 Days

Ethereum co-founder Jeffrey Wilcke could be looking to sell some of his Ether holdings after sending around 1,500 ETH to crypto exchange Kraken on Thursday. 

Wilcke sent 1,500 Ether (ETH), worth around $6 million, to the crypto exchange, according to onchain analytics platform Lookonchain. It came as the price of Ether dropped from $4,000 to around $3,900.

Moving cryptocurrency to an exchange deposit address does not guarantee it is being sold. 

In August, Wilcke had deposited $9.22 million worth of ETH to Kraken. He had previously sent $262 million worth of ETH to Kraken. At the time, Lookonchain speculated that he likely withdrew the same amount to eight newly created wallets, rather than for sale. 

However, Wilke has since reposted a user’s comment on X that speculated “he will sell more in the future.”

Cointelegraph reached out to Wilcke for comment, but did not hear back by the time of publication.

Apart from being a co-founder, Wilcke played an active role in Ethereum’s early development from December 2013 to March 2018. He later founded Grid Games, a video game studio, in January 2018, and currently serves as the CEO and technical director.

Ether whales are scooping up ETH by the bucketload

Wilcke’s recent fund movements pale compared to recent Ether whale buying anyway. 

Despite the ongoing market downturn, which has seen the price of ETH tumble 13% in the past seven days, whales are seemingly using this opportunity to scoop up ETH at a lower price point.

Related: Last chance for Ethereum? ETH price pattern breaks down as $4K must hold 

At least 15 wallets have bought more than 406,000 ETH, worth $1.6 billion, in the past two days, according to Lookonchain.

The wallets have bought ETH from crypto exchange Kraken, digital infrastructure provider Galaxy Digital, digital asset services provider BitGo, and digital asset broker FalconX.

Earlier this month, a whale was spotted selling billions of dollars worth of Bitcoin in lieu of Ethereum, with the whale’s ETH holding exceeding $4 billion.

Last month, whales bought more than 260,000 ETH, worth $1.14 billion between Aug. 24 and Aug. 26.

Magazine: Avalanche in deal with ETF giant, yuan stablecoin ‘fake news’: Asia Express