Ethereum whales accumulate $1.06 billion during market slump, challenging concerns over short-term selling

On September 25, 2025, Ethereum co-founder Jeffrey Wilcke transferred 1,500 ETH to Kraken, a move valued at roughly $5.99 million at the time. This transaction, which took place as Ether’s price slipped from $4,000 to $3,900, has led to speculation about Wilcke’s motives during a broader market slump. According to on-chain analytics provider Lookonchain, while this transfer does not confirm an imminent sale, it is consistent with Wilcke’s previous transaction patterns. For example, in August 2025, he moved $9.22 million worth of ETH to Kraken, and in May 2025, he transferred $262 million. Analysts have previously interpreted these actions as possible strategic reallocations rather than immediate sell-offs, but Wilcke’s recent social media activity—where he shared a post referencing future sales—has added to the uncertainty title1 [ 1 ].

Wilcke’s transaction took place against a backdrop of heightened whale activity. In the last two days, at least 15 wallets have collected 406,000 ETH, worth $1.06 billion, from exchanges such as Kraken, BitGo, and Galaxy Digital OTC title2 [ 2 ]. This accumulation happened even as Ethereum’s price dropped 13% over the week. Lookonchain’s data shows that these large purchases are part of a broader trend where institutional and wealthy investors take advantage of price dips. For instance, on September 25, 11 wallets received 295,861 ETH ($1.19 billion) from centralized exchanges, with the largest single transfer being $165 million from FalconX title8 [ 3 ]. This suggests that major holders see the current price as a chance to increase their stakes.

Wilcke’s previous actions make it difficult to interpret his latest transfer. After his $262 million move to Kraken in 2025, the funds were spread across eight different wallets, but the recent 1,500 ETH deposit has not been similarly distributed. Lookonchain points out that the ETH was sent to a Kraken deposit address, which often precedes either staking or selling title4 [ 4 ]. Despite this, Ethereum’s price has remained steady, indicating that there may not be immediate selling pressure. This is further supported by the fact that exchange reserves have dropped to their lowest point in a year, suggesting that more ETH is being moved into private wallets or staking contracts title7 [ 5 ].

The relationship between Wilcke’s moves and the recent whale buying highlights the shifting dynamics in Ethereum’s market. While Wilcke’s deposit has caught the attention of traders focused on short-term price swings, the large-scale acquisitions by whales point to ongoing confidence in Ethereum’s long-term prospects. Historical trends from 2024 and 2025 reveal that similar whale activity has often come before periods of price stability or growth, especially during times of protocol upgrades or increased institutional involvement title6 [ 6 ]. For example, in late August 2025, whales bought $1.14 billion in ETH, coinciding with a 72% monthly surge in Ethereum’s value.

Amid these uncertainties, market watchers remain alert for new developments. The

Foundation’s previous approaches—such as staking large amounts of ETH through DeFi protocols—demonstrate that significant holdings are not always destined for immediate sale title3 [ 7 ]. Additionally, regulatory developments and broader economic factors, including decisions by the Federal Reserve on interest rates, are expected to play a key role in shaping Ethereum’s price direction in the near future. For now, the combination of Wilcke’s actions and ongoing whale accumulation reflects the balance of caution and optimism currently influencing the market.