On Monday, August 21, Vitalik Buterin, one of the co-founders of Ethereum (ETH), was observed transferring 600 ETH, which is valued at around $1 million, into a wallet on the Coinbase exchange. Usually, transfers to exchange are translated to mean an intention to sell.
According to on-chain data from Etherscan, a wallet controlled by Vitalik Buterin transferred the assets on August 21. At the time of writing (August 23, 2023), the wallet still holds 3,933 ETH worth approximately $6.5 million.
This occurrence is not the initial instance of Buterin moving assets to a crypto exchange. In an earlier instance this year, in March, the co-founder of Ethereum transferred 200 ETH to Kraken. Around the same time, Buterin also divested several unsolicited alternative cryptos (referred to as “shitcoins”) in exchange for 439.25 ETH.
Buterin has made a series of transactions amid the recent market downturn that has been flagged by several crypto observers. On Sunday, he repaid 251,000 Rai Reflex tokens on Maker and subsequently liquidated 1,000 worth around $1.6 million according to data from lookonchain.
Ethereum Price Declined 13% After Vitalik Sold In April
Large transactions from recognized high-net-worth holders and influential figures like Vitalik Buterin often influence the markets significantly. Historical data culled from Arkham Intelligence shows how Ethereum’s price sank by 13% barely a week after Vitalik made a significant outflow in April.
As shown in the chart above, Vitalik had moved out $283 million worth of ETH on April 19. Interestingly, ETH price began to wobble within just 48 hours and later declined 13% from $2,102 to $1,840 by the close of April 25.
Also, back in 2021, Vitalik’s alternate 0Xabf address, which currently holds 248,027 ETH (~$415 million), exhibited a similar premonitory pattern.
On November 5, 2021, Vitalik moved out a total of 19.5 billion worth of ETH over an eventful period of two weeks. That period coincided with Ethereum losing its all-time high of $4,890, which it hasn’t reclaimed ever since.
Ethereum’s Price, Market Cap, and Trading Volume
The price of Ethereum (ETH) as of the time of writing, is $1,663.22 today with a 24-hour trading volume of $5,742682,763.82. This represents a -0.53%price decline in the last 24 hours and a -9.66% price decline in the past 7 days. With a circulating supply of 120 Million ETH, Ethereum is valued at a market cap of $200,045,386,947.