Ethereum’s slide below $4,000 has not scared off big money – in fact, it appears to have invited it.
Over the past 48 hours, blockchain trackers spotted more than $1.6 billion worth of ETH flowing into at least 15 whale wallets. That scale of accumulation, taken from sources like Kraken, Galaxy Digital, BitGo, and FalconX, underscores how aggressively major players are positioning during the downturn.
A Contrarian Bet
ETH has lost around 13% over the past week, yet whales are buying into weakness rather than retreating. Similar behavior last month saw over 260,000 ETH absorbed in a two-day window, and earlier this year a Bitcoin whale reportedly shifted billions into Ethereum, pushing its total ETH stash above $4 billion. Whether this latest round of accumulation sparks another rebound remains to be seen, but it signals confidence that the token’s long-term case remains intact.
A Co-Founder in the Mix
Adding intrigue to the flows was a transfer linked to Ethereum co-founder Jeffrey Wilcke. He sent about 1,500 ETH – roughly $6 million – to Kraken on Thursday. It wasn’t his first major move: in August, Wilcke shifted over $9 million worth of Ether, and in past years more than $260 million has passed through the exchange from his wallets. Analysts caution that moving tokens to an exchange doesn’t always mean they’re sold – some have ended up redistributed to new wallets – but Wilcke himself has hinted he may offload more in the future.
Beyond the Charts
Wilcke, who helped build Ethereum between 2013 and 2018 before launching the gaming studio Grid Games, has largely stepped back from public crypto development. His movements attract attention mostly because of his insider status – but compared to the whales scooping up hundreds of thousands of ETH at once, his transfers are a drop in the bucket.
Big Picture
For now, the narrative belongs to large-scale buyers treating Ethereum’s pullback as an opportunity. Even with price action subdued, the concentration of ETH in whale wallets keeps growing – a dynamic that could shape the token’s next breakout when market sentiment finally shifts.
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Source: https://coindoo.com/ethereum-whales-double-down-as-market-pulls-back/