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Despite the bearish transaction, whales continue accumulating, leaving sentiment split between breakdown risks and dip-buying optimism.
Is Jeffrey Wilcke Selling ETH?
According to blockchain analytics platform Lookonchain, Wilcke shifted 1,500 Ethereum tokens to Kraken just as the price of the second-largest cryptocurrency plunged from the psychologically important $4,000 level to around $3,900.
Whale movements can hint at where “smart money” interest is shifting. Transferring crypto to an exchange deposit address does not necessarily mean it is being sold. Nonetheless, traders see such transactions as having a negative impact, as Wilcke could unload ETH on the open market and push down prices.
As of press time, Ether was changing hands at $3,938.12, down 1.9% on the day as the crypto markets took a turn for the worse. ETH has now lost 20.4% since its record highs last month, CoinGecko data shows.
 
In August, Wilcke transferred approximately $9.2 million worth of Ether to Kraken. Earlier in May, the executive deposited $262 million in ETH to Kraken, which was almost his total stash. At the time, Lookonchain suggested that he likely withdrew the same amount to eight newly created wallets instead of selling it.
Wilcke is one of the eight co-founders of the world’s second-biggest blockchain platform. The programmer later quit after the infamous hard fork and series of hacks.
Now, with his brother Joey, Wilcke has a games development studio, Grid Games, and has previously sold a chunk of the ETH he received from Ethereum to fund development.
Whales Quietly Buying A Boatload Of ETH
Wilcke’s latest transaction pales in comparison to the recent buying by Ethereum whales despite the asset’s lethargic price action.
Lookonchain pointed out that roughly 15 wallets snatched up over 405,000 ETH, valued at over $1.5 billion, over the last two days alone. The wallets have acquired ETH from Kraken, Galaxy Digital, BitGo, and FalconX.
As ZyCrypto reported earlier, a mysterious mega-whale swapped over $4 billion in Bitcoin for ETH dollars worth of Bitcoin, at the time signaling a growing rotation among deep-pocketed investors seeking cryptocurrencies with more upside potential.