Ethereum co-founder Vitalik Buterin made a fresh crypto move on Friday by moving 800 Ether to a multi-signature wallet. The reason behind the transaction remains unclear. However, his move comes at a time when ETH is dealing with high selling pressures and consistent liquidity outflow from ETH ETFs.
Ether price has dropped by more than 5% in the last 7 days as bearish sentiments try to take over the market. The total value locked on the Ethereum chain has also taken a hit of over 20% in the past month.
Vitalik Buterin transfers 800 Ether
As per the data shared by PeckShieldAlert, the Vitalik Buterin-linked address transferred 800 (worth approximately $2 million) to a multi-signature wallet. The Ethereum co-founder had moved 3,000 ETH (worth approximately $8 million) to the same wallet earlier.
The report added that the wallet has supplied 1,900 Ether to AAVE and swapped 190 ETH tokens for 477.3K USDC.
#PeckShieldAlert Vb 2 (#vitalik) -labeled address has transferred 800 $ETH (worth ~$2m) to GnosisSafeProxy 0xfEB0…03B2
The GnosisSafeProxy 0xfEB0…03B2 has supplied 1,900 $ETH to #AAVE & swapped 190 $ETH for 477.3K $USDC pic.twitter.com/o0z1AmCjiK— PeckShieldAlert (@PeckShieldAlert) August 30, 2024
This is not the first time that Buterin has made such transfers. On August 19, he transferred 400 ETH (worth approximately $1.06 million) to a new wallet.
Additionally, he sent 1 ETH to Railgun, a crypto mixer known for enhancing user privacy. Buterin had earlier said that he had not sold a part of his Ether holding for personal gain since 2018 and had always donated it to a charity or non-profit organization.
ETH price down by 33% in 90 days
After the recent transaction, Buterin’s primary Ethereum address now holds 52.5 ETH (worth approximately $132K). This address also holds over $638K amount of funds divided into over 401 different tokens.
The wallet that received 800 ETH from Buterin holds six different tokens. It includes 1,900 aEthWETH (worth approximately $4.78 million) and 1,710 WETH (worth approximately $4.31 million).
The unexplained move happens at a time when ETH price is on a constant decline and has failed to regain the $2,600 price level.
ETH price has dropped by over 33% in the last 90 days. However, it still is up by 10% on a year-to-date basis. It will be crucial to see if it can maintain the lead for a longer time frame. Ether is trading at an average price of $2,526 as of press time. Its 24-hour trading volume is down by 18% to stand at $14 billion.
Per DefiLlama data, Ethereum’s TVL has dropped by 5% in the last 7 days and 20% over the past month to stand at $57 billion. TRON is now the second-largest chain in the TVL rankings with $8.23 billion.
