Vitalik Buterin moves millions into Ethereum and sparks debates about ETH sales

ethereum co-founder Vitalik Buterin has once again transferred a large amount of eth, sparking fresh discussions within the crypto community.

According to a x.com/lookonchain/status/1829407124520374565″ target=”_blank” rel=”noopener” data-wpel-link=”external”>report From Lookonchain, Buterin transferred 800 eth worth an estimated $2.01 million to a multisig wallet. Shortly after, 190 eth from this wallet was exchanged for 477,000 USDC, a stablecoin pegged to the US dollar.

Is Buterin selling eth?

This transaction follows a larger transfer Buterin made on August 9, where he transferred 3,000 eth, worth approximately $8.04 million, to the same wallet.

These moves have reignited ongoing debates within the ethereum community regarding the asset’s role as a store of value, particularly given concerns over large-scale sales of eth by large holders, commonly known as “whales.”

The 30-year-old's fund movements also come amid growing speculation about the ethereum Foundation's handling of eth reserves. Just a week ago, the organization moved 35,000 eth, worth $94 million in fiat, to Kraken, raising questions about the transparency of its operations.

At the time, Executive Director Aya Miyaguchi responded to growing concerns by clarifying that the large transfer was part of the Foundation’s treasury management. The funds, she explained, were needed to cover operating expenses, including the payment of grants and salaries, some of which require payments in fiat currency.

Buterin also turned to x to address concerns directly, and in the process x.com/VitalikButerin/status/1828448417585971661″ target=”_blank” rel=”noopener” data-wpel-link=”external”>revealed that approximately 90% of his net worth is in eth. He also claimed that he receives almost $140,000 as a monthly salary from the ethereum Foundation.

According to LookonchainThe EF has sold over 239,000 eth since January 2021 for a cumulative value of $654 million. In July, a wallet linked to the organization transferred over $290 million worth of eth after being inactive for seven years.

Keeping an eye on the whales

Whale activity is often the focus of discussion within the crypto community, as their action can often have consequences on the overall price and perception of an asset.

As such, on-chain analysts tend to keep a close eye on any movement of funds from such addresses, with Buterin’s known wallets being of particular interest.

At the time of writing, eth was priced at $2,526, having spent the past 24 hours hovering between $2,503 and $2,593. Its current level is a slight 0.8% drop from where it was a day ago and a 5.7% drop on the week.

Similarly, in 30 days, the asset is down nearly 24%. The world’s second-largest cryptocurrency has a market cap of $303.8 billion, and its current price would put Buterin in first place. tenure of 240,171 eth for approximately $606.6 million.

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