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Ethereum founder Vitalik Buterin has been selling millions worth of Ethereum for weeks. Why is he offloading the coins of all times during the current low? Do the sales point to further price declines?
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Vitalik Buterin Sells Ethereum: Why He’s Offloading Millions in ETH
Ethereum inventor Vitalik Buterin has been selling Ethereum for weeks. Since the beginning of January, he has sold over 16,000 ETH with a current market value of 33 million US dollars. These enormous sell-offs raised questions in the crypto scene. Ethereum is currently at a low of 1,920 US dollars.
- Ethereum
(ETH) - Price $2,015.37
- Market Cap
$243.14 B
Arkham Intelligence still attributes a fortune of 224,000 Ether to the programmer. The coins currently have a value of 429 million US dollars. Buterin’s entire crypto portfolio is most likely not publicly known. The Canadian probably holds additional coins of unknown amounts.
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Arkham commented on Buterin’s recent sales yesterday, sparking a debate among readers.
Buterin has repeatedly stated publicly that he obscures crypto transactions to protect his privacy. It is therefore conceivable that there are blockchain addresses that cannot be attributed to his ownership.
The development of new encryption technology for the blockchain could be a reason for Buterin’s sell-offs. On January 30, he announced that he intends to finance various projects with 16,384 ETH. This amount of money corresponds to his potential sales in recent weeks.
Over the next five years, he plans to use the money to finance developments that are crucial for Ethereum. This involves achieving a balance of high scalability, sustainability, and resilience. Scalability has so far been considered a weakness of the blockchain.
He also wants to guarantee the security and neutrality of the blockchain. Ensuring privacy is crucial for this. Currently, Ethereum is transparent.
“For this reason, I have just withdrawn 16,384 ETH, which will be used for these goals in the coming years. I am also exploring secure decentralized staking options that will allow even more capital from staking yields to be used for these goals in the long term,” Buterin wrote.
He processed his sales via the DEX Cow Protocol.
Are Buterin’s Ethereum sales a pessimistic signal?
On X, readers are currently discussing whether Buterin’s Ethereum sale is a pessimistic signal indicating a continued price decline. While it’s not impossible for Buterin to offload coins to buy back at a lower price, it’s highly unlikely.
When Ethereum first launched in a pre-sale in 2014, the cryptocurrency had a market value of 0.31 US dollars. Current price fluctuations are therefore of little significance to Buterin. The programmer has already become a billionaire due to Ethereum’s massive price gains.
Ethereum lost 21 percent of its market value over the last month. Since yesterday, the cryptocurrency has at least gained 5.60 percent. According to experts, the crypto market is currently at a crossroads.
Both losses and gains are conceivable in the short term. According to CoinShares, this broad spectrum of opinions is currently reflected in the exchanges. Crypto investment products are seeing outflows in the US, while international markets are already making repurchases at the current low prices.
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Image: Flickr | Author: TechCrunch
