Jeffrey Wilcke, co-founder of Ethereum, transferred 79,258 ETH—valued at nearly $157 million—to the Kraken exchange on March 7. Analysts note this kind of large transfer is typically seen as a signal to liquidate, putting potential downward pressure on ETH prices.

Interestingly, blockchain analytics firm SpotOnChain observed a “round-trip” pattern: the same ETH was withdrawn from Kraken roughly 10 months ago, suggesting assets previously distributed for custody are now consolidated back for sale. Wilcke still retains 27,241 ETH, worth over $53 million.