Key Takeaways
- Jeffrey Wilcke, an Ethereum co-founder, deposited 79,258 ETH (approximately $157M) to Kraken on March 7
- Vitalik Buterin offloaded 17,196 ETH (roughly $35M) last month, intensifying concerns about founder-level selling
- Since the beginning of 2026, ETH has plummeted 34%, currently hovering around $1,944–$1,976
- A single day saw $82.85M exit Ethereum spot ETFs, with Fidelity’s FETH responsible for $67.57M
- Technical analysts caution that ETH may decline to $1,800 or potentially $1,500 if critical support fails
On March 7, Ethereum co-founder Jeffrey Wilcke deposited 79,258 ETH tokens into Kraken, a major cryptocurrency exchange. At the time of the transaction, this represented approximately $157 million in value.
Blockchain intelligence platform Lookonchain detected the movement spread across four separate wallet addresses. These wallets had remained dormant for approximately seven months prior to this activity.
According to SpotOnChain’s analysis, the transactions followed a distinctive “round-trip” pattern. The identical wallets had previously withdrawn the exact same quantity of ETH from Kraken roughly 10 months earlier, when Ethereum traded around the $2,600 mark.
This behavior indicates the tokens were likely held in exchange custody and are now being redeposited, potentially for liquidation. Wilcke continues to maintain 27,241 ETH in his on-chain wallets, currently valued at approximately $53.56 million.
In recent years, Wilcke has distanced himself from hands-on Ethereum development work. His attention has pivoted toward private gaming industry projects.
Buterin’s Recent Sell-Off
Last month, Vitalik Buterin liquidated 17,196 ETH, generating approximately $34.96 million in proceeds. This amount surpassed his publicly disclosed intention to sell 16,384 ETH.
Buterin explained that the proceeds would fund open-source initiatives spanning software and hardware development in financial systems, governance frameworks, and biotechnology research. He began 2026 with more than 240,000 ETH and currently maintains approximately 224,000 ETH.
Additionally, a wallet from Ethereum’s original ICO phase became active after 10.6 years of dormancy. This wallet moved 100.275 ETH, having initially invested merely $124 during the initial coin offering.
Ethereum Price Faces Downward Momentum
Since January 1, 2026, ETH has declined 34% in value. Recent trading activity has kept the price constrained between $1,944 and $1,990.
Earlier this week, ETH experienced a surge from approximately $1,900 to reach a local peak near $2,180 on March 5. However, this momentum was short-lived, with prices retreating back beneath the $2,000 threshold.
The nearest support level is positioned around $1,960. The psychological barrier of $2,000 serves as immediate resistance, with a more substantial resistance zone spanning $2,040 to $2,080.
Ethereum spot exchange-traded funds experienced $82.85 million in net capital flight within a 24-hour period. Fidelity’s FETH product accounted for $67.57 million of these withdrawals. FETH has now accumulated $218 million in total outflows.
Polymarket traders are assigning a 67% likelihood to ETH declining to $1,800. A technical analyst has identified a rising wedge formation developing since early February, suggesting $1,500 as the subsequent major support target should this pattern fail.
Corporate treasury buyers have also reduced their Ethereum accumulation activity amid the price downturn. The next significant support area is anticipated between $1,850 and $1,900.
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