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

TLDR

• Ethereum co-founder Jeffrey Wilcke transferred 79,258 ETH (~$157M) to Kraken exchange on March 7
• Vitalik Buterin also sold 17,196 ETH (~$35M) in February, adding to insider selling pressure
• ETH has dropped 34% since the start of 2026, trading around $1,944–$1,976
• Ethereum spot ETFs recorded $82.85M in outflows in a single day, with Fidelity’s FETH accounting for $67.57M
• Analysts warn ETH could fall to $1,800 or even $1,500 if key support levels break

Ethereum co-founder Jeffrey Wilcke moved 79,258 ETH to the Kraken exchange on March 7. The transfer was worth approximately $157 million at the time.

Blockchain analytics firm Lookonchain flagged the movement across four wallet addresses. The wallets had been inactive for roughly seven months before the transfer.

SpotOnChain analysts identified a “round-trip” pattern in the transactions. The same wallets had withdrawn the same amount of ETH from Kraken about 10 months ago, when ETH was trading near $2,600.

This suggests the coins were held in custody and are now being returned to the exchange, likely to be sold. Wilcke still holds 27,241 ETH on-chain, worth around $53.56 million.

Wilcke has stepped back from active Ethereum development in recent years. He has shifted his focus toward private gaming ventures.

Buterin Also Selling

Vitalik Buterin sold 17,196 ETH in February, worth roughly $34.96 million. This exceeded his previously announced plan to sell 16,384 ETH.

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

An older Ethereum ICO wallet also moved funds recently. The wallet, inactive for 10.6 years, transferred 100.275 ETH. The investor originally put in just $124 during the ICO.

ETH Price Under Pressure

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

Earlier in the week, ETH rallied from around $1,900 to a local high near $2,180 on March 5. That move reversed quickly, pulling the price back below $2,000.

Immediate support sits near $1,960. The 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. Fidelity’s FETH made up $67.57 million of that total. FETH’s cumulative outflows have now reached $218 million.

Analysts at Polymarket put a 67% probability on ETH dropping to $1,800. One technical analyst flagged 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.

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