Ethereum co-founder shifts $6M of ETH, but whales bought $1.6B

Ethereum co-founder Jeffrey Wilcke transferred approximately 1,500 ETH, valued at about $6 million, to the cryptocurrency exchange Kraken amid a drop in Ether's price from $4,000 to around $3,900. Wilcke's ETH movements are speculative in nature; while it is unclear if he is selling, he has engaged in significant transfers to exchanges before. His current holdings reportedly include hundreds of millions in Ether across several wallets. In contrast, Ether whales have made substantial purchases, acquiring over 406,000 ETH worth $1.6 billion from various sources, including Kraken and other exchanges, taking advantage of the current lower market prices. These transactions highlight a trend where major investors are capitalizing on market downturns to accumulate more Ether. This activity occurs despite a generally bearish trend in the market, with notable sell-offs in Bitcoin as investors shift to Ethereum. Since August, whales have shown increased interest, reflecting their confidence in the future of ETH amidst short-term volatility.

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