Buterin’s actions come at a time when Ethereum whales, large holders of the cryptocurrency, are also making significant moves.
A wallet associated with Ethereum co-founder Vitalik Buterin has recently sold 190 ETH ETH $3 148 24h volatility: 1.1% Market cap: $379.89 B Vol. 24h: $21.36 B , valued at approximately $441,971, raising speculation within the cryptocurrency community.
This transaction, which took place a few hours ago, marks the latest in a series of significant movements from Buterin’s wallet, potentially signaling a shift in market dynamics for Ethereum.
Buterin’s Wallet Activity Sparks Interest
Blockchain analytics firm Lookonchain reports that Buterin’s wallet has been notably active since August 30. Over the past few weeks, this wallet has received about 3,800 ETH, worth around $9.8 million. In the same period, it has offloaded approximately 950 ETH for $2.28 million, with an average sale price of $2,396 per ETH. The most recent sale of 190 ETH adds to this trend, suggesting ongoing adjustments in Buterin’s crypto holdings.
A wallet related to vitalik.eth(@VitalikButerin) sold 190 $ETH for 441,971 $USDC again 20 minutes ago!
The wallet received 3,800 $ETH($9.8M) from #Vitalik and has sold 950 $ETH($2.28M) at an average price of $2,396 since Aug 30.https://t.co/K6i8Wr8vZ3 pic.twitter.com/GgHvs3gxft
— Lookonchain (@lookonchain) September 11, 2024
This isn’t the first significant transfer from Buterin’s wallet in recent times. On August 31, the wallet moved 3,000 ETH, valued at roughly $8.04 million, sparking further curiosity among market participants. The recent swap of 190 ETH for 477,000 USDC, has left many wondering about the motivations behind these transactions.
Rising Whale Sell-Offs and Market Impact
Buterin’s actions come at a time when Ethereum whales, large holders of the cryptocurrency, are also making significant moves. Earlier this week, several massive ETH sales were recorded, contributing to growing concerns about potential downward pressure on the Ethereum price. According to Whale Alert, one whale transferred 39,999 ETH, worth approximately $93.5 million, from a private wallet to Binance, likely signaling an imminent sale.
Another moved 14,588 ETH, valued at $34.2 million, to Coinbase, and a third whale sent 10,000 ETH, or about $23.3 million, to Binance. In total, these whales sold around 64,587 ETH within a day, amounting to roughly $151 million.
Such large-scale movements typically increase selling pressure, which can negatively impact the price of ETH. The combined actions of Buterin and these whales have sparked speculation about whether the market is poised for a correction.
Ethereum’s Declining Revenue
Adding to the market’s uncertainty is Ethereum’s declining network revenue, which has plummeted by 99% since March 2024. The shift of transaction activity to layer-2 (L2) networks following the March Dencun upgrade has significantly reduced Ethereum’s fee revenue. Analysts warn that if this trend continues, Ethereum’s mainnet could face serious valuation issues, especially as L2 networks grow increasingly dominant.
Currently, Ethereum faces resistance at around $2,400. If it manages to break this barrier, the price could rise toward the $2,550 zone. However, failing to surpass $2,400 could result in a decline, with support levels at $2,335 and $2,300. Investors are keeping a close watch on Ethereum’s price movements and market signals, anticipating potential shifts in sentiment driven by the actions of key figures like Buterin and large ETH holders.
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