Vitalik Buterin, the founder of Ethereum, has several public wallets that contain a substantial amount of ETH. These wallets are closely monitored by on-chain investigators. Whenever Buterin makes a withdrawal, the destination of the ETH is closely tracked. Recent reports indicate that Buterin has been transferring significant amounts of ETH to various wallets.
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"Is Vitalik Buterin Selling ETH? Examining Transactions" Two Vitalik Buterin Transactions Spark Speculations
On Monday, PeckShieldAlert, an on-chain data tracking platform, reported on X (formerly Twitter) about interesting wallet movements related to Buterin. The tracker flagged a transaction of 3,000 ETH, worth approximately $4.95 million at the time of the transfer. The transaction was sent from Vitalik.eth wallet, a well-known wallet, to another publicly identified wallet, Vb2. This transfer increased the balance of Vb2 to 3,017 ETH, worth a little over $4.95 million. "Is Vitalik Buterin Selling ETH? Examining Transactions"
#PeckShieldAlert vitalik.eth labeled-address has transferred 3K $ETH (~$4.95M) to Vb 2 labeled-address pic.twitter.com/f8ETU42TrD — PeckShieldAlert (@PeckShieldAlert) August 28, 2023
There have been speculations about the Ethereum founder potentially selling a portion of his cryptocurrency holdings. This speculation arose after a transaction was made by him, which was reported by PeckShield alert. According to the report, Buterin had transferred 600 ETH worth approximately $1 million at the time to the Coinbase crypto exchange.
#PeckShieldAlert vitalik.eth labeled-address has transferred 3K $ETH (~$4.95M) to Vb 2 labeled-address pic.twitter.com/f8ETU42TrD — PeckShieldAlert (@PeckShieldAlert) August 28, 2023
For many, however, this transaction was insignificant in the grand scheme of things and did not lead to a cause for alarm. The most recent transaction also follows in the same vein since it looks like the billionaire founder is just redistributing his assets to other wallets.
Is This Why ETH’s Price Is Struggling?
There is currently no evidence to suggest that Buterin's wallet movements are responsible for the decline in ETH price. Despite a $1 million sell-off, the ETH market is too deep for such a decline to occur, indicating that other factors may be at play.
The broader crypto market has been experiencing a downturn, with Bitcoin falling from $28,000 to below $26,000 and dragging down the majority of the market with it. This negative sentiment among investors is preventing new money from entering the market.
As the bear market continues to dominate, there may be further decline for ETH until investor sentiment improves and the market begins to recover. At present, ETH is still hovering above $1,640 as bulls and bears battle for control.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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