Vitalik keeps moving ETH to Bitstamp and Coinbase.
Recently, Vitalik has transferred ETH frequently from his address to exchanges, raising questions about the motivation behind each transfer. This time, he transferred 1,000 ETH to the business, which equals $1.64 million. According to the same source, the co-founder and public face of Ethereum has transferred 4,400 ETH (more than $7 million in fiat currency) to Bitstamp over the previous two months.
vitalik.eth(@VitalikButerin) related address transferred 1K $ETH ($1.64M) out again, which may be deposited into #Bitstamp.
This address has deposited a total of 4.4K $ETH ($7.23M) to #Bitstamp in the past 2 months.https://t.co/LRrcqoxUhf pic.twitter.com/oO0rEAD6pd
— Lookonchain (@lookonchain) October 7, 2023
According to the same blockchain investigator Lookonchain, which U.Today cited, Buterin transferred almost 400 ETH to the significant US exchange Coinbase about two weeks ago; at the time, it was valued at about $1 million. The source above claims that Vitalik sent 600 ETH to the exact location to sell those coins a month earlier.
Massive 110,000 ETH withdrawn from exchanges.
Unknown whales transferred 110,000 ETH worth over $181 million in fiat from centralized exchanges, according to information published two days ago by on-chain data aggregator Sentiment.
Since September 21, that was the most significant withdrawal of Ethereum from CEXes. According to Santiment statistics, the total supply of Ethereum owned by exchanges is currently at its lowest point in more than 5.5 years, while the quantity of ETH not held by sales has risen to an all-time high of 115.88 million ETH.
The second-largest cryptocurrency, ETH, has now managed to recoup this loss after the massive red candle on Thursday drove the price down by 1.66%, rebounding back to the $1,639 price level.
Who Is Vitalik Buterin?
Let’s get to know Vitalik Buterin before delving into his most recent ETH sale details. A well-known name in the Bitcoin community is Vitalik Buterin. Buterin is a computer programmer and author who co-founded Ethereum in 2014. He was born in Russia and raised in Canada. He was essential in designing and creating Ethereum, one of the most well-known cryptocurrencies in the world today.
The Background of Ethereum
Ethereum is a decentralized platform that allows programmers to create and run smart contracts and decentralized apps (DApps), making it more than a coin. Ethereum stands out from Bitcoin and other cryptocurrencies thanks to its unique characteristics, making it a favorite among fans and developers.
Vitalik Buterin’s Previous ETH Sales
The cryptocurrency community has been interested in Vitalik Buterin’s Ethereum holdings for a while now. He has sold ETH tokens in several calculated transactions throughout the years. These sales have served as both a financing source for Ethereum’s growth and a topic of conversation among cryptocurrency enthusiasts.
The Latest ETH Sale
The most recent development was the completion of another ETH sale by Vitalik Buterin. He made this sale by transmitting about 325,000 ETH to his wallet address. This raised questions about the motivations behind the deal and raised eyebrows.
Possible Reasons for the Sale
The decision to sell ETH by Vitalik Buterin may have been made for several reasons. Diversification is one of the most plausible answers. Because he is one of Ethereum’s co-founders, Buterin’s fortune is derived mainly from cryptocurrencies. He might diversify his investments to reduce the risks associated with a particular asset class.