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 few wallets linked to the Ethereum Foundation and Vitalik Buterin, Ethereum co-founder, recently went on a selling spree. According to blockchain analytics platform Arkham Intelligence, the suspected Ethereum Foundation address (0xd7…c1f4) sold 450 ETH ETH $4 007 24h volatility: 2.3% Market cap: $484.06 B Vol. 24h: $34.49 B 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. Notably, this is just one of the transfers since the June launch of spot Ethereum ETFs. Arkham Intelligence data confirms that the Ethereum Foundation wallet has been moving ETH in big numbers over the past few hours.
Is the Ethereum Co-founder Linked to the Selling Spree?
Similarly, Spot On Chain noted that a multi-signature wallet that received multiple Ethereum transfers from the network’s co-founder is actively selling its holdings. 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 supporting charitable organizations.
PeckShield also recently detected that he transferred 200 ETH worth $534,000 to an address labeled 0xEBb7…eB89. On August 19, the Ethereum co-founder moved 400 ETH, worth $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.
The multi-signature wallet that got $ETH from @VitalikButerin is on a selling streak!
After receiving 3,800 $ETH ($9.99M) from Vitalik on Aug 9 and 30, it’s been cashing out, selling 760 $ETH for 1.835M $USDC at ~$2,414 per ETH. The latest sale happened just 21 hours ago.… pic.twitter.com/ELcjpPSg4K
— Spot On Chain (@spotonchain) September 9, 2024
At the time, Spot On Chain data showed that Buterin had transferred 662 ETH worth $1.91 million to the crypto mixing service provider within ten months.
Ethereum Price Level Feels Threatened
The combination of these selloffs and that of the Ethereum Foundation can stir a drawdown for ETH in the market.
Unfortunately, these outflows are already contributing 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 traded at $2,327.65, corresponding with a 1.18% increase in the past 24 hours. The current price level of ETH reflects unenthusiastic investor sentiment around the coin.
As crypto struggles to register any revenue boost, analysts are raising doubts about its future performance. This is justified, considering how investors have turned largely bearish toward ETH. Despite this, some market observers and analysts believe the coin has reached a potential bottom, which could trigger a major bull rally soon.
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