Jeffrey Wilcke, co-founder of Ethereum, recently moved $262 million of ETH to Kraken, sparking concerns about a massive sell-off. However, several hours later, these fears seem largely overblown.

Although Ethereum has been doing well in the last two weeks, it recently experienced new selling pressure and a potential death cross. This may have encouraged undue speculation about Wilcke’s mundane wallet transfers.

Could Wilcke Sell his Ethereum Holdings?

This potential ETH dump was first noticed by Arkham Intelligence, a blockchain analysis platform. Arkham found a wallet apparently belonging to Wilcke, which moved the vast majority of its Ethereum holdings in one massive transaction.

This single transfer contained over 100,000 ETH, bringing Wilcke’s remaining holdings to less than 300.

The development caused consternation in the crypto community for several reasons. The last time Wilcke