Ethereum co-founder Vitalik Buterin recently made headlines by transferring 800 ETH (around $2 million) to a multisig wallet and exchanging 190 ETH for $477,000 USDC.
This move follows his earlier transfer of 3,000 ETH to the same wallet on August 9.
Buterin’s current ETH holdings have decreased from 325,000 three years ago to 240,000, marking a 27% reduction.
Despite this, he has stated that the ETH sales are intended to support projects he believes in, including those within the Ethereum ecosystem and various charitable causes.
3 years ago, @VitalikButerin mentioned he held 325K $ETH($1.46B at the time), when the price of $ETH was $4,500.
Now he holds 240K $ETH($592M).
He has reduced his holdings by 85K $ETH($209M) in 3 years. pic.twitter.com/LG2bZcvd4A
— Lookonchain (@lookonchain) August 30, 2024
Ethereum’s price has remained above its realized price, which has been serving as a support level despite a significant drop in value over the last five months. Historically, altcoin bull markets often begin when Ethereum is trading stronger than its realized price.
Ethereum is in a bullish trend
“#Ethereum hasn't lost the realized price it broke through despite the sharp price decline over the past five months, and the realized price is acting as support.
Historically, altcoin bull markets have started when Ethereum is stronger than its… pic.twitter.com/CDiKFldfA5
— CryptoQuant.com (@cryptoquant_com) August 30, 2024
However, the MVRV Momentum indicator suggests that Ethereum is still in a downtrend with no signs of a reversal yet.
MVRV Momentum indicates that #Ethereum $ETH is still in a downtrend with no signs of reversing yet. pic.twitter.com/dsPZ3NGsxO
— Ali (@ali_charts) August 31, 2024
On August 30, for the first time in 30 trading days since the Ethereum Spot ETF’s launch, both the net inflow and outflow of the ETF were zero. Currently, the total net asset value of the Ethereum Spot ETF stands at $6.971 billion, with a historical cumulative net outflow of $477 million.
On August 30, Eastern Time, the total net inflow and net outflow of Ethereum Spot ETF were both $0.00, which was the first time in 30 trading days since the launch of Ethereum Spot ETF that the inflow and outflow were zero. Currently, the total net asset value of Ethereum Spot…
— Wu Blockchain (@WuBlockchain) August 31, 2024
These developments reflect both ongoing market challenges and strategic decisions by key figures in the Ethereum community.
I haven't sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D)
— vitalik.eth (@VitalikButerin) August 31, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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