- Jeffrey Wilcke transferred 79,176 ETH worth about $157M to Kraken using four wallets after months of inactivity.
- Ethereum continues struggling to hold the $2,000 level while analysts identify support near $1,850–$1,900.
- Spot ETH ETFs recorded $82.85M in daily outflows, led by Fidelity Ethereum Fund (FETH).
Ethereum co-founder Jeffrey Wilcke moved 79,176 ETH worth about $157 million to the Kraken exchange, according to Lookonchain. The transfer appeared after roughly seven months of inactivity from his wallet. The development occurred while Ethereum continued fluctuating below the $2,000 level, repeatedly reclaiming the mark before sliding under it again.
Wilcke Wallet Activity Returns After Months
According to Lookonchain, Wilcke transferred the funds to Kraken using four separate wallet addresses. The activity followed a long period of dormancy from the Ethereum co-founder’s holdings.
Lookonchain data shows the wallet still holds 27,421.73 ETH on-chain. That balance currently carries an estimated value of about $54.37 million.
Notably, the transfer emerged as Ethereum struggled to maintain strength above the $2,000 price zone. The asset has repeatedly moved above that level, however it has slipped back below it several times.
Analysts Note Slower Institutional ETH Buying
Meanwhile, analyst Ted reported that companies holding Ethereum as treasury assets have slowed their purchases. According to Ted, several firms reduced buying as ETH prices trended downward in recent months.
He added that Ethereum’s next key support zone lies between $1,850 and $1,900. Consequently, institutional caution has increased as market conditions remain uncertain.
At the same time, broader macro developments have affected digital asset prices. Rising tensions in the Middle East pushed oil prices higher during the period.
As a result, some crypto traders began predicting a possible oil surge toward $100. During that timeframe, digital assets, including Ethereum, weakened.
Other ETH Transactions Add Context
Data from SosoValue shows Ethereum spot exchange-traded funds also recorded notable outflows recently. Total net outflows reached $82.85 million within a single day.
Fidelity’s FETH accounted for $67.57 million of that figure, according to SosoValue. The data provider also shows FETH’s cumulative net outflows have reached $218 million.
Ethereum co-founder Vitalik Buterin sold 17,196 ETH during February. The transaction carried an estimated value of roughly $35 million. Arkham reported the sale represented around seven percent of Buterin’s holdings. His balance declined from more than 240,000 ETH to roughly 224,000 ETH.
Separately, Lookonchain tracked activity from an early Ethereum ICO wallet labeled “0xF37b.” The address moved 100.275 ETH after 10.6 years of inactivity. The original investor committed only $124 during the Ethereum ICO for 401.1 ETH. Today, that allocation stands near $835,000, representing about 6,716 times the initial investment.
Wilcke joined Ethereum in 2013 and later created the widely used Geth client. According to CoinGecko data, Ethereum trades near $1,900, about 60% below its record high near $4,900.
