In recent days, Vitalik Buterin has sold significant amounts of ETH, raising questions. Here’s a closer look at these unusual transactions.
Vitalik Buterin has been selling large amounts of ETH for several days
For the past few days, Vitalik Buterin, the founder of Ethereum, has been making headlines as on-chain analysis of his addresses shows ETH sales.
Indeed, while Arkham data still showed 241,000 Ethers as of February 2, that total has now dropped to 227,000 units—a difference worth $29.8 million at the current price of ETH:
Changes in Vitalik Buterin’s ETH holdings over 30 days
After analyzing the various transactions, Lookonchain’s X account reported this morning that over 2,960 ETH were sold at an average price of $2,228, totaling approximately $6.6 million:
Lookonchain tweet on Vitalik Buterin’s sales
At this time, the reasons behind these sales and transactions are not yet clear, but they come shortly after Vitalik Buterin’s statements regarding Ethereum’s Layer 2 solutions.
On Arkham, we can see transactions involving exchanges for various stablecoins, such as GHO, EUROC, and LUSD. This could serve several purposes, such as reallocating funds between different addresses, meeting personal financing needs, raising liquidity for various decentralized finance (DeFi) strategies, funding projects, or even taking profits—though the current market climate is not particularly conducive to the latter.
Meanwhile, the price of ETH stands at $2,130 at the time of writing, down 5.7% over the past 24 hours.
This may also reflect the Ethereum Foundation’s occasional sales of ETH to fund its day-to-day operations. For example, Lookonchain identified at least $13.6 million in sales during the month of January.
