Vitalik Buterin Transfers Millions in Ethereum as Market Faces Pressure

Ethereum co-founder Vitalik Buterin recently transferred 800 ETH (worth approximately $2 million), which has sparked curiosity in the crypto community.

The move follows a similar pattern, as Buterin had previously transferred 3,000 ETH (about $8 million) into the same wallet. The reason for these transactions remains unclear, but they come at a time when Ethereum is experiencing significant selling pressure and liquidity outflows from ETH ETFs.

#PeckShieldAlert Vb 2 (#vitalik) -labeled address has transferred 800 $ETH (worth ~$2m) to GnosisSafeProxy 0xfEB0…03B2
The GnosisSafeProxy 0xfEB0…03B2 has supplied 1,900 $ETH to #AAVE & swapped 190 $ETH for 477.3K $USDC pic.twitter.com/o0z1AmCjiK

— PeckShieldAlert (@PeckShieldAlert) August 30, 2024

Over the past seven days, the price of Ethereum has fallen about 5%, with bearish sentiment settling into the market. The total value locked into the Ethereum network has also declined by over 20% in the last month, reflecting broader market concerns.

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According to data from PeckShieldAlert, Buterin’s most recent transaction involved transferring 800 ETH to a portfolio that was active in the DeFi space. That wallet has provided 1,900 ETH to AAVE and exchanged 190 ETH for $477,300, indicating strategic moves in the decentralized financial ecosystem.

This is not the first time Buterin has made such transfers. On Aug. 19, he transferred 400 ETH (just over $1 million) to a new wallet, and also sent 1 ETH to Railgun, a crypto mixer to improve privacy.

Following the recent transfer, Buterin’s main Etherium address now holds 52.5 ETH (approximately $132,000), with the additional funds totaling over $638,000, spread across more than 400 different tokens.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.