On May 7, two whales dumped 19,090 ethereum (ETH), valued at approximately $35.7 million, onto Uniswap.
The sales came after Vitalik Buterin, the co-founder of the Ethereum blockchain and the Ethereum Foundation, sold roughly $30 million worth of coins on Kraken, a US-based centralized exchange, a few hours earlier. .
Panic may have started when the first whale converted 9,950 ETH for 18.63 million DAI. Shortly after, another whale landed 9,140 ETH for 17.07 million DAI.
DAI is an algorithmic stablecoin that tracks the value of USD. MakerDAO issues it on Ethereum, one of the largest decentralized finance (DeFi) protocols.
Following these sales and Buterin’s exit from the market, Ethereum prices have been falling according to data from CoinMarketCap (CMC).
Recent actions by Buterin and the Ethereum Foundation have raised questions about whether ETH will maintain the bullish trend seen in Q1 2023.
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The last time the Ethereum Foundation sold its holdings, ETH fell into a prolonged bear market. It remains to be seen if prices are currently peaking and if sellers will force the coin lower in the coming sessions.
Vitalik Buterin regularly sells ethereum
Even amid this uncertainty, Buterin regularly sells his stash through his preferred exchange, Kraken.
In 2019, Vitalik Buterin transferred 92,000 ETH, worth $11.5 million, from a single wallet to the exchange.
More recently, on-chain data shows that Vitalik sold all of its free tokens, comprising 50 billion MOPS tokens for 1.25 ETH, roughly $2,000, 500 billion SHIK for 380 ETH, around $600,000, and 10 billion CULT tokens. for 58 ETH, almost $91,000; generating approximately $700,000
Additionally, blockchain security company PeckShield revealed that Vitalik sold 3.4 million BITE tokens for 4.9 ETH. Buterin also transferred 214 ETH to an EthDev address.
A wallet believed to be controlled by Ethereum co-founder Vitalik Buterin sold 3,000 ETH, converting the cryptocurrency into US dollar-backed stablecoins via the Uniswap decentralized exchange.
In an interview, Buterin revealed that he personally orchestrated the sale of 70,000 ETH in 2018, when the coin was trading at around its all-time high, receiving $100 million.
