In recent days, Vitalik Buterin has sold significant amounts of ETH, raising questions. Let’s shed some light on these curious movements.
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 sales of ETH.
While Arkham’s data still listed 241,000 Ethers as of February 2, that total has now dropped to 227,000 units, a difference of $29.8 million at the current price of ETH:
Sorting through the various transactions, Lookonchain’s X account announced this morning that more than 2,960 ETH had been sold at an average price of $2,228, for a total of approximately $6.6 million:
At this time, the reasons for these sales and movements are not yet clear, but they come shortly after Vitalik Buterin’s statements about Ethereum’s layer 2.
On Arkham, we see transactions showing exchanges to various stablecoins, such as GHO, EUROC, and LUSD. This could be for a number of reasons, such as reallocation between different addresses, personal financing needs, a desire to raise liquidity for various decentralized finance (DeFi) strategies, project financing, or even profit-taking, although the current climate is not particularly conducive to this.
Meanwhile, the price of ETH stands at $2,130 at the time of writing, down 5.7% over the last 24 hours.
This may also echo the Ethereum Foundation’s occasional sales of ETH to finance its day-to-day operations. For example, Lookonchain identified at least $13.6 million in sales during the month of January.
