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.

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.