Vitalik Buterin and the Ethereum Foundation Are Actively Selling Their ETH Holdings

The Buterin-linked wallet has transferred 760 ETH in exchange for 1.835 million USDC at an average price of $2,414 per ETH.

A multi-signature wallet linked to Ethereum co-founder Vitalik Buterin has been on a selling spree, with the latest sales amounting to 760 ETH in exchange for 1.835 million USDC at an average price of $2,414 per ETH.

This wallet, which received multiple Ethereum transfers from Buterin himself, has been quickly selling off its holdings. According to Spot On Chain, Buterin transferred 3,800 ETH, valued at approximately $9.99 million, to this wallet in two separate transactions on August 9 and 30, respectively.

Over the past few weeks, this wallet has been actively dumping its assets, with the most recent sale being less than 24 hours ago. This has sparked speculation about Buterin's involvement in the selling spree.

According to blockchain analytics platform Arkham Intelligence, the suspected Ethereum Foundation address (0xd7…c1f4) sold 450 ETH for $1.0364 million DAI. The transaction went through Cow Protocol between 15:23 and 15:29 UTC+8 today and was then transferred to other Ethereum Foundation addresses.

This is just one of the transfers following the June launch of spot Ethereum ETFs. According to Arkham Intelligence, the Ethereum Foundation wallet has been moving ETH in large quantities over the past few hours.

The multi-signature wallet that received multiple Ethereum transfers from the network’s co-founder is actively selling its holdings, Spot On Chain noted. On August 9 and 30, respectively, this wallet received 3,800 ETH, valued at approximately $9.99 million, from Buterin in two separate transactions.

This wallet has been dumping its assets in the last few weeks. When Vitalik Buterin transferred $8 million worth of ETH to a new wallet address, it sparked speculation about a potential donation to charity.

This was part of his historic transfer of substantial amounts of Ethereum to various wallet addresses. Notably, most of these transfers often involve donations to support charitable organizations.

PeckShield also recently detected his transfer of 200 ETH, valued at $534,000, to an address labeled 0xEBb7…eB89. On August 19, the Ethereum co-founder moved 400 ETH, valued at $1.05 million, to crypto mixer Railgun.

So far, the Buterin-linked wallet has transferred 760 ETH in exchange for 1.835 million USDC at an average price of $2,414 per ETH. The most recent sale was seen less than 24 hours ago, suggesting a continuation of the selloff trend.

At the time, Spot On Chain data showed that Buterin had transferred 662 ETH, valued at $1.91 million, to the crypto mixing service provider over ten months.

These selloffs, combined with those of the Ethereum Foundation, could contribute to a decrease in ETH's market value.

However, these outflows are already adding to strong selling pressure, causing the price of the leading crypto to drop further. A few days ago, ETH dropped to $2,150 before recovering partially. At the time of this writing, the altcoin trades at $2,327.65, indicating a 1.18% increase in the past 24 hours. This price point reflects lukewarm investor sentiment toward the coin.

As crypto struggles to register any revenue boost, analysts are raising doubts about its future performance, which is understandable considering how investors have turned largely bearish toward ETH. Despite this, some market observers and analysts believe the coin has reached a potential bottom that could trigger a major bull rally soon.

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