Ethereum co-founder Jeffrey Wilcke has once again drawn the attention of the crypto community. He recently transferred part of his holdings to the Kraken exchange, at a time when large players are massively accumulating Ether worth billions of dollars.
Wilcke and His ETH Transfers
According to on-chain analytics platform Lookonchain, Wilcke sent about 1,500 ETH worth roughly $6 million to Kraken on Thursday. The transfer came as the price of Ethereum dropped from $4,000 to around $3,900.
However, moving funds to an exchange doesn’t necessarily mean they will be sold. In the past, Wilcke transferred even larger amounts to Kraken — for example, $9.22 million worth of ETH in August and earlier as much as $262 million. Analysts noted that part of these funds eventually ended up in newly created wallets, suggesting not all tokens were sold.
Wilcke, who was among the original creators of Ethereum and actively contributed to its development between 2013 and 2018, now leads the gaming studio Grid Games, where he serves as CEO and CTO.
Whales Take Advantage of Market Dip
While Wilcke may be considering selling some of his ETH holdings, large investors are taking the opposite approach. According to Lookonchain data, over the past two days at least 15 wallets purchased more than 406,000 ETH worth $1.6 billion.
These massive accumulations were sourced from entities such as Kraken, digital infrastructure provider Galaxy Digital, asset manager BitGo, and broker FalconX.
It’s not the first time whales have taken advantage of price drops. Between August 24 and 26, they bought more than 260,000 ETH valued at $1.14 billion. Despite ETH losing 13% over the past week, big players view the decline as a buying opportunity.
Contrasting Strategies
While Ethereum’s co-founder appears to be gradually moving some of his holdings toward liquidity, whales are aggressively accumulating. This highlights two very different approaches — the individual strategy of an early investor versus the long-term bet of institutions and major players on Ethereum’s future.
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