 ▲ Ethereum (ETH) |
A massive influx of Ethereum (ETH) holdings from a co-founder into an exchange is signaling an unprecedented wave of selling pressure in the Ethereum market, which has been struggling to reclaim the $2,000 level.
According to crypto media outlet CoinGape on March 7 (local time), 100,000 ETH from a wallet owned by Ethereum co-founder Jeffrey Wilcke was deposited into the cryptocurrency exchange Kraken. The transferred amount is valued at approximately $157 million, and the large-scale selling pressure emerging at a sensitive time—while prices hover below a key psychological resistance level—has sparked significant fear among investors.
On-chain data analysis confirmed that Wilcke used a long-dormant wallet to move the substantial funds. Typically, when founders or whale investors transfer holdings to exchanges, it is regarded as a precursor to selling. Concerns are mounting that the potential $157 million sell-off could become a decisive factor increasing downward pressure on Ethereum’s price amid the current low-liquidity market conditions.
Ethereum recently attempted to break above $2,000 but faced strong resistance and is now engaged in a difficult battle to hold support near $1,570. As the possibility of large investors exiting emerges, anxiety among retail investors is spreading, and key technical indicators—including Ethereum’s open interest—are pointing to a downward trend. Market analysts predict that the co-founder’s latest move could act as a powerful catalyst for further price correction.
In the past, large transfers by the Ethereum Foundation or early developers have frequently triggered sharp market volatility. Notably, Wilcke has previously transferred funds to exchanges ahead of price declines, leading investors to interpret this latest movement as more than a routine asset transfer. The potential selling by a core figure is viewed as a factor that could suppress short-term rebound attempts and undermine overall market confidence.
Market attention is now focused on whether the $1,570 support level can hold and the speed at which the deposited funds on the exchange are actually sold. If the $157 million worth of ETH is dumped onto the market at market price, there remains a risk of cascading long position liquidations and an accelerated decline. Investors are closely monitoring whale on-chain activity in real time and emphasizing active risk management amid heightened volatility.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.*