Ethereum experienced a significant price shift following the notable transfer of $262 million in ETH from Ethereum co-founder Jeffrey Wilcke to Kraken exchange. This move coincided with increased trading activity on Bitget and sparked speculation about potential market reactions driven by insights gleaned from on-chain data. 105,737 ETH was transferred from Wilcke’s long-dormant wallet to the Kraken exchange. While the move has been confirmed, there have been reports of unusual selling behavior among major players in the crypto space. The transaction is similar to one made by Wilcke in November 2024 just before a price peak for Ethereum. This activity on Bitget shows signs of significant market movement. Following this transfer, ETH/USDT volumes surged at 07:30 UTC, reaching over 1.6K—well above the average, while prices rose to $2,588.99. This suggests immediate reactions from market participants following a preemptive move by Wilcke and potentially from large bots or traders anticipating short-term selling pressure. The price action near the $2,588 level is currently showing signs of consolidation with tight moving average compression. This could indicate cautious accumulation by traders or anticipation of future sell pressure from those who might be watching closely, as seen in Wilcke’s move. 5,10, and 15-period moving averages are all above the 30-period average. This level may become a temporary support zone for ETH/USDT with heightened market interest. Realized Cap data, which tracks the selling of coins at higher prices, has increased by $3.8 billion in May, suggesting that long-term holders may be realizing profits. On-chain analysts believe this trend could validate timing and lead to further movement in the market as long-term investors take advantage of opportunities or make tactical decisions based on the latest market trends. This article was originally published on Coin Futura.