Jeffrey Wilcke, co-founder of Ethereum, appears to be considering a sale of some of his Ether holdings following the transfer of approximately 1,500 ETH to the Kraken exchange on Thursday.
Wilcke transferred 1,500 Ether (ETH), valued at around $6 million, to the exchange, as reported by the on-chain analytics platform Lookonchain. This occurred amidst a decline in Ether’s price from $4,000 to about $3,900.
Transferring cryptocurrency to an exchange deposit address does not necessarily indicate that a sale is imminent.
In August, Wilcke had deposited ETH worth $9.22 million to Kraken. He had earlier sent $262 million worth of ETH to the exchange. At that time, Lookonchain suggested that he likely withdrew a similar amount to eight newly created wallets, instead of selling.
Recently, Wilcke has shared a user’s comment on X, which speculated that “he will sell more in the future.”
Cointelegraph contacted Wilcke for a comment, but did not receive a response by the time of publication.
In addition to being a co-founder, Wilcke played a significant 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 is currently the CEO and technical director.
Ether whales are accumulating ETH in large quantities
Wilcke’s recent transactions are modest in comparison to the extensive buying activity from Ether whales.
Despite the prevailing market downturn, which has seen ETH’s price drop by 13% over the past week, whales seem to be seizing the opportunity to acquire ETH at reduced prices.
Related: Is this the last opportunity for Ethereum? ETH price pattern declines as $4K becomes critical support
In the last two days, over 15 wallets have purchased more than 406,000 ETH, totaling $1.6 billion, according to Lookonchain.
The wallets have acquired ETH from the Kraken exchange, digital infrastructure provider Galaxy Digital, digital asset service provider BitGo, and digital asset broker FalconX.
Earlier this month, a whale was observed selling billions of dollars in Bitcoin in favor of Ethereum, with the whale’s ETH holdings exceeding $4 billion.
Last month, whales purchased more than 260,000 ETH, valued at $1.14 billion, between August 24 and August 26.
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