By Boluwatife Oshadiya | March 9, 2026
Key Points
- Ethereum falls 2.31% to $1,936.64 after large token transfer linked to co-founder Jeffrey Wilcke
- Approximately 79,000 ETH worth about $157 million moved to Kraken exchange after seven months of wallet inactivity
- Analysts warn the transfer could increase selling pressure as ETH trades below key $2,000 psychological level
Main Story
Ethereum prices declined over the past 24 hours after a major token transfer linked to one of the blockchain’s co-founders unsettled traders and reinforced negative sentiment in the cryptocurrency market.
Market data from crypto exchanges shows Ethereum fell 2.31 percent to $1,936.64 on Sunday, slipping below the crucial $2,000 psychological threshold closely watched by investors.
The decline followed reports that Jeffrey Wilcke, an Ethereum co-founder, transferred roughly 79,258 ETH valued at about $157 million to the Kraken cryptocurrency exchange. On-chain data indicates the transfer occurred through four wallet addresses that had been inactive for about seven months.
Following the transaction, Wilcke’s wallet reportedly retains around 27,422 ETH, suggesting a significant portion of his holdings has already been repositioned.
Wilcke, who is widely known for creating Ethereum’s Go Ethereum (Geth) client, has gradually distanced himself from the project’s active development. Blockchain tracking data also shows that he has historically transferred substantial portions of his early-allocated ETH to Kraken, often preceding sales on the exchange.
Although the transfer itself does not confirm that the tokens have been sold, traders often interpret large movements to exchanges as a precursor to liquidation.
Ethereum’s decline also coincides with notable outflows from spot Ethereum exchange-traded funds (ETFs), which saw approximately $82–83 million in net withdrawals in a single session, including more than $67 million from one major fund.
What’s Being Said
“Large transfers from early project insiders tend to amplify market sentiment even if the transaction itself represents a relatively small share of Ethereum’s total market capitalisation,” said a digital assets strategist at a London-based crypto research firm.
“Investors are particularly sensitive when prices are hovering around key psychological levels like $2,000,” the analyst added.
What’s Next
- Analysts are closely watching technical support levels between $1,850 and $1,900 for signs of stabilisation
- A sustained move back above $2,000–$2,080 resistance could restore short-term bullish momentum
- Further ETF flow data and on-chain wallet activity may determine whether selling pressure intensifies in the coming sessions
