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Vitalik Buterin transfers 600 Ether to Coinbase amid rising selling pressure on Ethereum

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  • Vitalik Buterin transferred 600 Ether (worth over $1 million) to Coinbase, sparking speculation about a potential sale.
  • Ethereum faces increased selling pressure, and Buterin’s move might exacerbate this trend.
  • Buterin has a history of transferring funds to exchanges; in March, he moved 200 ETH to Kraken and sold 439.25 Ether for alternative cryptocurrencies.

Ethereum co-founder Vitalik Buterin has made headlines once again with a significant transaction. Earlier today, Buterin transferred 600 Ether, valued at over $1 million, from his wallet to the popular cryptocurrency exchange Coinbase. The reasons behind this move remain unclear, but such transfers are often interpreted as a precursor to a sale.

Moreover, this transfer comes when selling pressure on Ethereum has been increasing. Consequently, Buterin’s transaction may further contribute to the price downward pressure on the cryptocurrency.

However, it is essential to note that Buterin has a history of moving funds to cryptocurrency exchanges. In March of this year, he contributed 200 ETH to the Kraken exchange. Around the same time, he sold 439.25 Ether in exchange for various alternative cryptocurrencies.

Additionally, on August 20, the “vitalik.eth” wallet reportedly returned 251,000 RAI on the DeFi platform Maker and withdrew 1,000 ETH, equivalent to about $1.67 million. This information comes from on-chain investigator Lookonchain. Significantly, the “vitalik.eth” wallet was created seven years ago and currently holds 3,993 ETH, or nearly $6.5 million. CryptoSlate, using the Arkham Intelligence dashboard, has verified that the wallet indeed belongs to the Ethereum co-founder.

Besides Ether, the wallet also contains other assets. It holds USD Coin (USDC) valued at $84,000 and Wrapped Ethereum (WETH) valued at $58,000. Hence, Buterin’s recent transfer to Coinbase is not an isolated incident, but part of a broader pattern of transactions.

Buterin’s transaction follows closely after last Thursday’s flash crash in the crypto market. Last week, the price of ETH dropped below $1700 for the first time since June and has remained below that level as of this writing. Currently, ETH is trading with bullish sentiment, showing a price increase of 0.07% and trading at $1,674.79.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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