A wallet associated with Ethereum co-founder Vitalik Buterin has made significant transactions in recent weeks, raising attention across the cryptocurrency community. According to data from Lookonchain, this wallet, which received 3,800 ETH from Buterin in August, has sold over 950 ETH in the past 12 days, netting approximately $2.28 million.
Large Sales Draw Attention
On September 11, the wallet sold 190 ETH for $441,971 USDC, adding to the growing series of transactions. The wallet initially received two large transfers from Buterin last month—3,000 ETH on August 9, and an additional 800 ETH on August 30. Shortly after the transfer, it sold 760 ETH for $1.835 million USDC, with an average price of $2,414 per ETH.
The sales have sparked speculation about Buterin’s motives, with some suggesting he might be cashing out his ETH holdings. However, Buterin has denied these claims, stating that the sales are intended to support philanthropic efforts and ecosystem development.
“All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity,” Vitalik Buterin clarified in a post on X (formerly Twitter). However, he did not disclose who specifically received his most recent transfers.
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Ethereum Foundation Also Active
The Ethereum Foundation, the entity behind the development of the Ethereum blockchain, has also been involved in notable ETH sales. On September 9, the foundation sold 450 ETH for 1.029 million DAI, bringing its total ETH sales for 2024 to 3,066 ETH. While no official statement has been made by the foundation regarding the sales, insiders suggest these transactions are aimed at covering operational expenses.
Price Impact on Ethereum
These significant sales from both Vitalik Buterin and the Ethereum Foundation have put downward pressure on Ethereum’s price, which has dropped by 13% over the past 30 days. As these sales continue, market participants are closely watching for potential impacts on the price and future plans from the Ethereum leadership.
At The Bit Journal, we’ll continue monitoring these developments, providing insights into what these moves mean for the broader cryptocurrency space.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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