Key Points
- Vitalik Buterin, Ethereum’s co-founder, has been selling parts of his ETH holdings, recently transferring 649 ETH to Paxos.
- Buterin is also looking to increase the scalability of the Ethereum network by enhancing the “blob count”.
Ethereum’s co-founder, Vitalik Buterin, continues to sell off his ETH holdings. SpotonChain data reveals that Buterin has moved over 1,300 ETH to Paxos in the past 12 days. The platform also detected a deposit of 649 ETH to Paxos from a wallet linked to Buterin, known as “0x556.”
The transfer was valued at $1.72 million, based on the market price of ETH at that time.
Multiple ETH Transfers in a Brief Period
On September 19, the 0x556 wallet received 1,300 ETH, valued at $3.21 million, from another wallet, 0xd04. This wallet was initially funded by Buterin with 70,000 ETH in 2022. It took the 0x556 wallet about 11 days to transfer all 1,300 ETH to Paxos, capitalizing on the altcoin’s price recovery. The transfer totaled $3.35 million with an average sale price of $2,581 per ETH.
This is significant as it is part of a larger series of transfers made by the Ethereum co-founder. On August 30, Lookonchain reported the transfer of 800 ETH, worth around $2.1 million, to a multi-signature wallet. Of these, 800 ETH were moved to the multi-sig wallet, and 190 ETH were swapped for 477,000 USDC. This transaction drew attention, especially as the market was experiencing high volatility at the time.
While speculation was rife about a potential Buterin selloff, he transferred another 190 ETH, valued at approximately $441,971 at a later date. The altcoin seems to have reacted to the offloads, as it is currently facing a price decline. Ethereum traded at $2,631.13 after experiencing a 0.74% price dip in the last 24 hours.
Plans to Scale Ethereum Network
Meanwhile, Buterin is focusing on the limitations of the Ethereum network. He has suggested an increase in “blob count”, which he says will enhance the scalability of the Ethereum blockchain.
This blob count concept, introduced with the major Dencun upgrade, will be implemented using the Ethereum Improvement Proposal (EIP)-7623. Buterin emphasized the importance of EIP-7623, stating that it significantly reduces the worst-case size of a block.
