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Vitalik Buterin Sells Ethereum Worth Millions

Vitalik Buterin Sells Ethereum Worth Millions

Blockchain data shows that Ethereum co-founder Vitalik Buterin transferred 3,000 ETH at $1,250 on Uniswap V3 three days ago.

Buterin’s transaction history recorded on Etherscan shows that he received 5,000 ETH in two payments from the same address just before sending 3,000 ETH to the protocol.

Vitalik exchanges ETH for USDC

Buterin later converted his 3,000 ETH into the stablecoin USDC, which could indicate that he expects the price of ETH to drop following the collapse of FTX, formerly the world’s second-largest crypto exchange.

The USDC is a stablecoin pegged to the U.S. dollar. Stablecoins offer decentralized finance users the opportunity to earn a return on their crypto assets. They also protect holders from the volatility of other cryptocurrencies.

On Nov. 14, 2022, data from Santiment showed that ETH active deposits increased while the number of daily active users on Ethereum decreased. Some think that allegations of a lack of trust in the crypto space have caused panic among traders and investors.

In May, Buterin transferred 30,000 ETH from his portfolio, sparking speculation of a downtrend. It later turned out that he sent the funds to a wallet that he used for charity purposes.

The Ethereum Foundation sold 20,000 ETH on the cryptocurrency exchange Kraken shortly after the altcoin reached an all-time high of $4,891 on Nov. 16, 2021. They also cashed out 35,000 ETH on the same platform five months earlier at about the same price.

Well-known crypto trader Edward Mora pointed to this data and rhetorically asked if the Ethereum Foundation knew something others didn’t, as the price of ETH dropped 40% less than two months later.

It’s hard to say if ETH has bottomed out. It reached its last low of $880 on June 18, 2022. There is a lot of uncertainty in the centralized exchange industry right now.

Buterin said the collapse of FTX was particularly damaging to crypto markets because the platform had presented itself as a reliable structure. While the collapse of the Terra stablecoin caused damage to the crypto industry, Terraform Labs made little effort to present itself as a transparent protocol. Therefore, the project’s failure, while catastrophic, was not entirely unexpected.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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