- Ethereum co-founder Jeffrey Wilcke’s $262M ETH transfer to Kraken triggered a spike in Bitget volume and sell-off concerns.
- ETH/USDT consolidates near $2,588 as Wilcke’s move aligns with rising realized cap, signaling long-term holder profit-taking.
- Experts see tight moving average compression at $2,588, hinting at cautious accumulation or pre-sell trader setups.
One of the biggest transactions from a known insider address in 2025 was made by Jeffrey Wilcke, a co-founder of Ethereum, who transferred 105,737 ETH, valued at $262 million, to Kraken. The move aligns closely with unusual trading behavior spotted on Bitget, suggesting the transfer may have triggered or preempted market reactions.
$262M Transfer Mirrors Live Market Activity
The transaction, first spotted five hours ago, was sent from Wilcke’s long-dormant wallet to Kraken’s main deposit address. At nearly full balance, the move sparked sell-off concerns across the market. Market watchers noted that Wilcke made a similar transfer in November 2024, days before ETH’s peak at $3,625.
Within minutes of the transfer, Bitget recorded an abrupt volume spike. ETH/USDT volumes surged at 07:30 UTC, reaching over 1.6K—well above the 270-unit average. This was paired with an uptick in price to $2,588.99, suggesting bots or large traders reacted to on-chain signals or anticipated sell pressure from Wilcke’s Kraken deposit.
Moving Averages Compress Near Price Trigger
Bitget’s live chart shows ETH/USDT consolidating around $2,588 with its 5, 10, and 15-period moving averages compressing just above the 30-period average. This tight range appeared as Wilcke’s transaction was confirmed, showing restrained price action amid heavy volume, typical of cautious accumulation or pre-sell setup.
The $2,588 level is now acting as temporary support, reinforced by heightened market interest. The large-scale transfer from a key Ethereum figure may have pushed short-term volatility expectations, leading to tactical positioning from traders and quants.
Realized Cap Shift May Validate Timing
Ethereum’s Realized Cap surged by $3.8 billion in May, signaling that old coins were moved at higher valuations, often interpreted as profit realization by long-term holders. The timing of Wilcke’s transaction may align with this broader on-chain behavior, raising questions about whether other whales may follow suit.
On-chain analysts believe that the rising Realized Cap adds macro context to the Bitget spike and Kraken transfer. If ETH’s price stalls near current levels, it could reinforce that insiders view this zone as a temporary top, with the Wilcke wallet becoming a key reference point.
