Ethereum Co-Founder’s Recent Liquidations Trigger Market Jitters as Investors Worry About Further Price Decline Vitalik Buterin, the co-founder of Ethereum, has recently sparked concern within the cryptocurrency community
Ethereum Co-Founder’s Recent Liquidations Trigger Market Jitters as Investors Worry About Further Price Decline
Vitalik Buterin, the co-founder of Ethereum, has recently sparked concern within the cryptocurrency community by selling significant amounts of Ether (ETH) from his wallet, vitalik.eth. Over the past two weeks, Buterin’s wallet has liquidated 950 ETH, valued at $2.28 million, which has led to fears of an impending price drop for Ethereum. This, coupled with additional ETH sales from other entities, has raised speculation about the future of ETH, with some predicting a dip below the critical $2,000 threshold.
In recent developments, the wallet associated with Ethereum co-founder Vitalik Buterin, known as vitalik.eth, has been actively selling Ether, which has raised alarm bells within the crypto community. Vitalik.eth, which received a total of 3,800 ETH valued at approximately $10 million from Buterin, has sold 950 ETH for about $2.28 million, achieving an average selling price of $2,396 per ETH. This activity has contributed to growing apprehensions about potential impacts on Ethereum’s market value.
In addition to these sales, recent on-chain data reveals that the vitalik.eth address has transferred $6.73 million worth of USDC, obtained from ETH sales, to the Aave lending platform. This move, coupled with additional ETH sales by the Metalpha group, has intensified fears of Ethereum’s price dipping below $2,000.
Vitalik Buterin has addressed concerns on social media, explaining that a recent large sale was executed due to an automatic order set up on August 29 by a bio-defense group he funds. He assured followers that this was the final transaction of its kind. Despite Buterin’s explanation, the market remains jittery as the Ethereum Foundation also continues to liquidate its holdings.
Adding to market anxiety, Buterin’s linked wallet recently sold another 190 ETH, valued at around $441,971, within a 20-minute span. Since late August, this wallet has sold a total of 950 ETH from the 3,800 ETH it initially received from Buterin. The rapid liquidation of these assets has left many wondering whether Buterin is cashing out, or if there are other strategic moves at play. Speculation continues to mount as the community seeks clarity on the motivation behind these significant Ether sales.
