Key Points
- A wallet linked to Ethereum’s co-founder, Vitalik Buterin, recently sold 190 ETH.
- The sale has sparked speculation about potential shifts in Ethereum’s market dynamics.
A wallet linked to Ethereum‘s co-founder, Vitalik Buterin, reportedly sold 190 ETH, worth approximately $441,971.
This transaction is the latest in a series of significant movements from Buterin’s wallet, potentially indicating a change in Ethereum’s market dynamics.
Increased Activity in Buterin’s Wallet
Blockchain analytics firm Lookonchain reports that Buterin’s wallet has been notably active since August 30.
In the past few weeks, this wallet received about 3,800 ETH, worth around $9.8 million, and offloaded approximately 950 ETH for $2.28 million, with an average sale price of $2,396 per ETH.
The most recent sale of 190 ETH adds to this trend, suggesting ongoing adjustments in Buterin’s crypto holdings.
Buterin’s wallet previously moved 3,000 ETH, valued at roughly $8.04 million, on August 31.
The recent swap of 190 ETH for 477,000 USDC has left many wondering about the motivations behind these transactions.
Significant Moves by Ethereum Whales
Buterin’s actions come at a time when large holders of Ethereum, also known as whales, are making significant moves.
Earlier this week, several massive ETH sales were recorded, contributing to growing concerns about potential downward pressure on the Ethereum price.
According to Whale Alert, one whale transferred 39,999 ETH, worth approximately $93.5 million, from a private wallet to Binance, likely signaling an imminent sale.
Another moved 14,588 ETH, valued at $34.2 million, to Coinbase, and a third whale sent 10,000 ETH, or about $23.3 million, to Binance.
In total, these whales sold around 64,587 ETH within a day, amounting to roughly $151 million.
Ethereum’s Declining Revenue
Adding to the market’s uncertainty is Ethereum’s declining network revenue, which has plummeted by 99% since March 2024.
The shift of transaction activity to layer-2 (L2) networks following the March Dencun upgrade has significantly reduced Ethereum’s fee revenue.
Analysts warn that if this trend continues, Ethereum’s mainnet could face serious valuation issues, especially as L2 networks grow increasingly dominant.
Currently, Ethereum faces resistance at around $2,400.
If it manages to break this barrier, the price could rise toward the $2,550 zone.
However, failing to surpass $2,400 could result in a decline, with support levels at $2,335 and $2,300.
Investors are keeping a close watch on Ethereum’s price movements and market signals, anticipating potential shifts in sentiment driven by the actions of key figures like Buterin and large ETH holders.
