Ethereum Whale Move Sparks Speculation After $262M Transfer
The Ethereum community is buzzing after a massive on-chain movement triggered speculation over a possible sell-off — or a strategic reshuffle.
According to TechFlow, blockchain analytics firm Lookonchain reported that on May 20, Ethereum co-founder Jeffrey Wilcke deposited a significant amount of ETH into a centralized exchange (CEX). Shortly after, eight newly created wallets withdrew a staggering 105,736 ETH, valued at roughly $262 million.
The activity has caught the attention of traders and analysts alike. While deposits to CEXs often signal an intention to sell, Lookonchain suggests otherwise. Analysts believe the move may not indicate liquidation but rather a wallet reorganization or custodial transfer strategy.
“There's no strong evidence yet that Wilcke plans to dump ETH,” one analyst noted. “The pattern looks more like redistribution than exit.”
Still, in a market as sentiment-driven as crypto, such large-scale transactions often stir short-term volatility and speculative reactions. Traders will be watching closely for any follow-up moves or confirmations of a sell-off.
Whether this transfer signals a strategic reshuffle or the early stages of liquidation, one thing is clear: when Ethereum whales move, the market pays attention.
