Ethereum Whales Acquire $1.6B While Co-Founder Offloads $6M: A Battle for Market Control
- Ethereum co-founder Jeffrey Wilcke moved $6M in ETH to Kraken, sparking speculation about potential sales amid a broader market downturn. - Whales purchased $1.6B in ETH from major exchanges, signaling long-term confidence despite short-term volatility. - Hashdex’s ETF expansion added XRP, Solana, and Stellar, boosting institutional access and liquidity for these assets. - Grayscale’s multi-asset ETF faced redemptions, highlighting mixed investor reception to diversified crypto products. - Market dynamic
Ethereum co-founder Jeffrey Wilcke recently transferred $6 million in ETH to Kraken as the cryptocurrency’s price slipped below $4,000, fueling rumors about possible plans to sell. According to on-chain analytics provider Lookonchain, Wilcke moved 1,500 ETH to the exchange, continuing a pattern of significant transactions. In August, he sent $9.22 million in ETH to Kraken, and earlier this year, he transferred $262 million to the same exchange—though Lookonchain previously indicated those funds were likely moved to new wallets. Wilcke’s latest transfer has drawn attention, especially after he publicly shared a user’s remark suggesting he “will sell more in the future,” although there has been no official confirmation of any sale. This activity comes as ETH has fallen 13% over the past week amid a broader market decline.
Despite the prevailing bearish sentiment, large investors have continued to accumulate
The growth of crypto index ETFs has also influenced market trends. Hashdex’s Nasdaq Crypto Index US ETF (NCIQ) was recently approved by the SEC to add
The SEC’s recent approval of general listing standards for commodity-based ETPs has sped up the inclusion of more assets in crypto ETFs. Hashdex’s broader offering is expected to enhance liquidity for XRP, Solana, and Stellar, potentially reducing price swings and drawing more institutional investment. Marcelo Sampaio, Hashdex’s co-founder and CEO, highlighted the importance of this move in giving U.S. investors access to a regulated, diversified crypto product. Nonetheless, challenges persist, such as regulatory hurdles and skepticism toward multi-asset ETFs. The iShares Ethereum Trust (ETHA) has brought in $9.8 billion in inflows this year, showing strong demand for focused crypto exposure.
Market watchers are paying close attention to the interplay between whale transactions, ETF launches, and broader economic trends. Ethereum’s price remains volatile, reflecting a struggle between retail and institutional interests. While Wilcke’s actions are smaller compared to major whale movements, they highlight the complex strategies of early Ethereum participants. Meanwhile, the ETF sector is evolving quickly, with regulatory developments and new products driving adoption. As the crypto industry continues to mature, the balance between speculative trading and institutional-grade investment tools is likely to shape its next stage of growth.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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