The large ETH transfer by Jeffrey Wilcke may not indicate a full exit. Analysts point out that despite the $157M moved to Kraken, Wilcke maintains a significant on-chain holding of 27,241 ETH.

This pattern mirrors broader trends among Ethereum insiders, where liquidations often fund projects or consolidate assets rather than signal abandonment. However, combined with overall market weakness, these transactions still add downward pressure as Ethereum fights to stay above key support levels.