Ethereum (ETH) Price: Co-Founder Deposits $157M to Kraken — Is a Bigger Drop Ahead?

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TLDR

  • Ethereum co-founder Jeffrey Wilcke sent 79,258 ETH (approximately $157 million) to the Kraken exchange on March 7
  • Vitalik Buterin also offloaded 17,196 ETH (around $35 million) in February, contributing to insider selling pressure
  • ETH has declined 34% since the start of 2026, trading in the range of $1,944–$1,976
  • Ethereum spot ETFs saw $82.85 million in outflows over a single day, with Fidelity’s FETH accounting for $67.57 million
  • Analysts caution ETH could drop to $1,800 or even $1,500 if critical support levels are breached

Ethereum co-founder Jeffrey Wilcke transferred 79,258 ETH to the Kraken exchange on March 7; the transaction was valued at roughly $157 million at the time.

Blockchain analytics firm Lookonchain identified the movement across four wallet addresses, which had been dormant for about seven months prior to the transfer.

SpotOnChain analysts noticed a “round-trip” pattern in the transactions: the same wallets had withdrawn an identical amount of ETH from Kraken roughly 10 months earlier, when ETH was trading close to $2,600.

This implies the coins were held in custody and are now being sent back to the exchange, presumably to be sold. Wilcke still retains 27,241 ETH on-chain, valued at approximately $53.56 million.

Wilcke has stepped away from active Ethereum development in recent years, shifting his focus to private gaming projects.

Buterin Also Selling

Vitalik Buterin sold 17,196 ETH in February, totaling around $34.96 million—an amount that exceeded his earlier stated plan to sell 16,384 ETH.

Buterin stated the funds will be allocated to open-source software and hardware in finance, governance, and biotech. He began 2026 with over 240,000 ETH and now holds around 224,000 ETH.

A long-dormant Ethereum ICO wallet also moved funds recently: inactive for 10.6 years, it transferred 100.275 ETH. The investor originally invested just $124 during the ICO.

ETH Price Under Pressure

ETH has dropped 34% since January 1, 2026, and has been trading between $1,944 and $1,990 in recent days.

Ethereum (ETH) Price

Earlier this week, ETH surged from around $1,900 to a local peak near $2,180 on March 5, but the rally reversed rapidly, pushing the price back below $2,000.

Immediate support for ETH lies near $1,960. Key psychological resistance is at $2,000, with a stronger zone between $2,040 and $2,080.

Ethereum spot ETFs recorded $82.85 million in net outflows in a single day, with Fidelity’s FETH making up $67.57 million of that total. FETH’s cumulative outflows have now reached $218 million.

Polymarket analysts assign a 67% probability of ETH dropping to $1,800. A technical analyst noted a rising wedge pattern forming since early February, with $1,500 as the next major support if the structure breaks down.

Treasury companies have also slowed their ETH purchases as the price has trended lower. The next key support zone is seen between $1,850 and $1,900.