TLDR
- Jeffrey Wilcke, an Ethereum co-founder, deposited 79,258 ETH (approximately $157M) on Kraken on March 7
- Fellow co-founder Vitalik Buterin offloaded 17,196 ETH (roughly $35M) during February, intensifying insider distribution
- The second-largest cryptocurrency has plummeted 34% year-to-date in 2026, hovering near $1,944–$1,976
- Spot Ethereum ETFs saw $82.85M exit in one session, with Fidelity’s FETH representing $67.57M
- Technical experts caution that ETH may slide toward $1,800 or potentially $1,500 if critical support fails
On March 7, Ethereum co-founder Jeffrey Wilcke deposited 79,258 ETH onto the Kraken trading platform. At current valuations, this transaction represented roughly $157 million.
On-chain intelligence platform Lookonchain detected the movement distributed across four separate wallet addresses. These addresses had remained dormant for approximately seven months prior to this activity.
According to SpotOnChain researchers, the transactions display a “round-trip” characteristic. These identical wallets had previously withdrawn the exact same ETH quantity from Kraken around 10 months earlier, during a period when ETH traded close to $2,600.
This behavior indicates the tokens were maintained in custody and are now being returned to the platform, presumably for liquidation. Wilcke continues to control 27,241 ETH across on-chain addresses, representing approximately $53.56 million in current value.
In recent years, Wilcke has reduced his involvement in core Ethereum development activities. His attention has pivoted toward private gaming-related projects.
Buterin Also Selling
During February, Vitalik Buterin liquidated 17,196 ETH, totaling approximately $34.96 million. This volume surpassed his publicly disclosed intention to sell 16,384 ETH.
Buterin indicated these proceeds would support open-source initiatives spanning software and hardware development across finance, governance, and biotechnology sectors. He began 2026 controlling over 240,000 ETH and currently maintains roughly 224,000 ETH.
An ancient Ethereum ICO-era wallet has also shown recent activity. This address, dormant for 10.6 years, transferred 100.275 ETH. The original participant invested merely $124 during the initial coin offering.
ETH Price Under Pressure
Since January 1, 2026, ETH has experienced a 34% decline. Recent trading has kept the asset confined between $1,944 and $1,990.
Earlier this week, ETH surged from approximately $1,900 to reach a temporary peak near $2,180 on March 5. However, this advance quickly reversed course, dragging the price back beneath the $2,000 threshold.
Nearterm support exists around the $1,960 level. The crucial psychological barrier stands at $2,000, with a more robust resistance zone spanning $2,040 to $2,080.
Ethereum spot exchange-traded funds registered $82.85 million in net withdrawals during a single trading session. Fidelity’s FETH product accounted for $67.57 million of this figure. FETH’s aggregate outflows have now climbed to $218 million.
Polymarket traders are assigning a 67% likelihood to ETH declining toward $1,800. A technical chartist highlighted an ascending wedge formation developing since early February, identifying $1,500 as the subsequent major support level should this pattern fail.
Corporate treasury departments have likewise reduced their ETH acquisition activity as prices have deteriorated. The next significant support area is projected between $1,850 and $1,900.
