News

Vitalik.eth Sells Meme Coins and Donates $984K, Ethereum Market Sees Volatility

Ethereum co-founder Vitalik.eth has made headlines with a recent sale of 28 meme coins, totaling 984,000 USDC.

In a generous move, Vitalik donated the full amount to the Kanro address, his charity wallet. The sale, however, impacted the prices of several low-market-cap meme tokens. DINU, for instance, plunged by 68%, while JSHIBA saw a sharp decline of 38%.

Brother Band Closes 2,000 ETH Short Position  

In another significant development, the investor known as Brother Band decided to buy back 2,000 ETH (worth approximately $7.29 million) that he had previously shorted earlier in the day. This buyback signals a possible exit from the short position, and with a current floating loss of $3.93 million, the decision to hold or cut losses remains uncertain.

Ethereum Spot ETF Sees Outflows

On the institutional side, Ethereum’s market has been under pressure, with a net outflow of $38.2 million from Ethereum spot ETFs between December 30 and January 3. The Bitwise Ethereum ETHW ETF saw the largest outflow, with $56.11 million leaving the fund. These outflows reflect growing caution among institutional investors, possibly in response to ongoing market volatility.

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Conclusion

The past few hours have seen significant movements in both retail and institutional Ethereum markets. Vitalik.eth’s donation, Brother Band’s short covering, and Ethereum’s ETF outflows highlight a market in flux. Investors will need to carefully watch these developments to gauge the next moves in the evolving Ethereum landscape.

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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Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

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