Ethereum (ETH) co-founder, Vitalik Buterin, has reportedly transferred 600 Ether, equivalent to approximately $1 million, to Coinbase, as per on-chain data. The reasons behind this move are currently speculative.
Typically, such transfers to exchanges are interpreted as a potential intent to sell. Given Ethereum’s recent price challenges, this transaction by Buterin might add to the selling pressure on the cryptocurrency.
On-chain analytics platform Lookonchain noted that the “vitalik.eth” wallet recently repaid 251,000 RAI on the DeFi platform Maker and withdrew 1,000 ETH (valued at about $1.67 million) on Aug. 20.
The “vitalik.eth” wallet, established seven years ago, currently holds 3,993 ETH, valued at $6.5 million. CryptoSlate, using Arkham Intelligence, verified that this wallet is associated with the Ethereum co-founder. The wallet also contains other assets, including $84,000 in USD Coin (USDC) and $58,000 in Wrapped Ethereum (WETH).
Earlier this year, Buterin had made similar transfers, including sending 200 ETH to Kraken in March. Around the same time, he also sold various unsolicited altcoins for 439.25 ETH.
Ethereum’s price has been under pressure, especially after last week’s sudden market drop. As of now, ETH is trading at $1667, marking a slight 0.18% decrease in the past day.
However, Glassnode data indicates a positive trend, showing that Ethereum holders are moving their assets away from exchanges. The total ETH on exchanges is at 14.88 million, a figure not seen since 2018. Such outflows typically indicate a bullish sentiment, suggesting that ETH holders remain optimistic despite the recent price dip.
In summary, Vitalik Buterin has moved roughly $1 million in ether to the Coinbase exchange, amidst a challenging market environment for Ethereum. The purpose behind this transfer remains uncertain.
