Vitalik Buterin, the co-founder of Ethereum, has been linked to recent Ethereum (ETH) sales that have drawn attention within the cryptocurrency community.
Blockchain data revealed that a wallet associated with Buterin recently sold 190 ETH, which was converted to $441,971 in USDC. This sale is part of a series of transactions from Vitaliik since August 30, collectively amounting to 950 ETH, valued at approximately $2.28 million at an average price of $2,396 per ETH.
Buterin’s transactions began shortly after his wallet received 3,800 ETH, worth around $9.8 million. Since then, the wallet has been offloading ETH in several smaller batches. The first sale saw 350 ETH sold for roughly $839,600, followed by another transaction of 410 ETH sold for about $983,800. The most recent transaction of 190 ETH was completed shortly before LookOnChain’s announcement on X.
This is why solana is goated
— VigilVip (@Julimooooon) September 11, 2024
Crypto Community Observes Vitalik’s Sales Strategy
The sales pattern has led to various interpretations and speculations among market participants. The sales by Vitalik have been executed over multiple days, keeping each transaction relatively small. This approach appears to minimize any potential negative impact on ETH’s price, which could occur if a more significant quantity was sold simultaneously. One observer noted, “The structured pattern of these sales suggests a deliberate strategy to avoid drastic price drops.”
The sales have been carried out using decentralized platforms, adding transparency to the transactions. However, converting ETH to USDC, a stablecoin, has prompted discussions about Buterin’s intentions. Some speculate these moves could be related to funding ongoing projects, charitable efforts, or other initiatives. Buterin has previously mentioned his involvement in such activities.
The crypto community has reacted to the wallet’s activities, analyzing the timing and amounts of each sale. While some see these sales as Buterin’s routine financial decision, others suggest deeper motives, especially given Ethereum’s current market position.
Just after bull posting. You can’t make this shit up.
— Max power 🀖 (@riniPotas) September 11, 2024
Another user said: “The guy act like poor and keep selling millions of dollars lmao. Then he says *for charity* lollolololol Im glad i sold most of my eth to btc long time ago.”
Ethereum is on the path to recovery, trying to stay above the $2,300 mark, and is currently trading above the 100-hour simple moving average, supported by a bullish trend line at $2,335.
