Vitalik Buterin Spark Selloff Fears With STRK Transfers

Vitalik Buterin recently moved 2.1 million Starknet tokens, valued at around $858.7K, to a new wallet, Arkham Intelligence showed.

Ethereum co-founder Vitalik Buterin's recent large-scale token transfers have once again fueled speculations in the crypto community. In the latest transaction, Buterin has moved millions in STRK tokens to a new wallet, sparking discussions over a potential selloff.

The Ethereum co-founder recently transferred 2.1 million Starknet tokens (STRK), valued at around $858.7K at the time of the transaction, to a new wallet, as noted by Arkham Intelligence. This comes a day after he unlocked 1.268 million STRK tokens, worth $470K, from the Starknet Locked Token Grant contract.

Buterin, who is also a seed investor in Starknet, received 2.1 million of the tokens across two STRK unlocks, which he has now shifted to the new wallet. The move has sparked fresh concerns of a potential selloff with these massive transfers, given Buterin's past activities have often influenced the market direction.

However, it's important to note that these transfers do not explicitly confirm any selloff intentions and could be part of a larger strategy or deployment. Buterin, who is known for his strong technical proficiency and involvement in various crypto projects, has a vast network of connections and diverse interests in the Web3 space.

Recently, Buterin has been actively moving large sums in tokens, which has fueled speculations among investors. For context, the Ethereum co-founder transferred 800 ETH to a multisig wallet last week. This followed an earlier transaction of 3,000 ETH on August 9.

These movements have sparked discussions and left investors seeking clarity behind the potential reasons for the large-scale shifts, especially amid the ongoing volatile scenario in the market. Buterin has, however, provided some insights into his ETH transactions.

Earlier this year, Buterin sold a portion of his ETH holdings to support projects within the Ether ecosystem and broader charitable causes, including biomedical research and others. He later confirmed conducting the sales to a OTC desk, aiming to minimize market impact and support a cause he believes in.

Despite that, these movements, even if not directly linked to selloffs, continue to impact the market sentiment sparking speculations among traders and highlighting the outsized influence wielded by the Ethereum co-founder's actions.

Meanwhile, the price of STRK was up over 4% to $0.4003, with its trading volume soaring 32% to $100.32 million at the last check. Notably, the crypto touched a high of $0.4174 and a low of $0.3813 in the last 24 hours. Besides, CoinGlass data showed that the Starknet Futures Open Interest soared 12% to $59.59 million, indicating investors' interest in the crypto.

Simultaneously, it’s also worth noting that despite the recent massive ETH transfers by the Ethereum co-founder, he still holds a significant amount of the crypto. His remaining balance of the altcoin stands at 240.07K ETH, valued at around $571.98 million at the current market price.

Meanwhile, the ETH price was down nearly 3% today to $2,370. Over the last 30 days, the crypto has touched a high of $2,820 and a low of $2,312, reflecting the highly volatile scenario of the crypto. However a recent Ethereum price analysis showed that the crypto could hit $4,500 as Monochrome Asset Management filed to launch an Ether ETF in Australia.

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