Key Points
- Ethereum co-founder Vitalik Buterin transfers 800 ETH, sparking selloff speculations.
- Buterin’s past crypto movements have significantly impacted the market.
Vitalik Buterin, the co-founder of Ethereum (ETH), has recently moved 800 ETH, equivalent to about $2.1 million, into a multi-signature wallet.
This action has led to conjectures within the crypto community about a possible selloff.
According to Lookonchain, the transfer of ETH by Buterin has caught the attention of many, especially considering the recent market volatility.
Out of the 800 ETH moved to the multi-sig wallet, 190 ETH has been exchanged for 477,000 USDC.
Buterin’s ETH Transfers Lead to Market Speculations
Buterin’s previous ETH transactions have had significant effects on the market.
For example, his donation of over $1 billion in various cryptocurrencies to an India Covid-19 Relief Fund in May 2021 resulted in a substantial drop in Ethereum’s price.
Although the current transfer is smaller, the market remains highly sensitive to actions by major figures like Buterin.
Earlier in the month, Buterin moved $8 million worth of ETH to a new wallet address, leading to speculations about a potential charity donation.
Buterin has a history of moving large amounts of Ethereum to different wallet addresses, most of which are donations to charitable organizations and other worthy causes.
Charitable Donations and Crypto Mixers
Lookonchain believes that a recent transfer of 3,000 ETH, worth about $8 million, could possibly be a donation.
The digital asset was also sent to a multi-signature safe wallet, which Lookonchain suggests might belong to an unidentified charitable organization.
Buterin has consistently donated, as evidenced by his $441 million donation of Akita Inu tokens (AKITA) to Gitcoin to support its mission to enhance security within the crypto industry.
According to on-chain indicators, Buterin recently transferred 400 ETH, worth $1.05 million, to crypto mixer Railgun.
Railgun, similar to the popular Tornado Cash, helps to obscure the user’s identity and transactions.
The Future of Ethereum
As one of the leading coins in the industry, Ethereum’s price is sensitive to key events.
While investors can concentrate on Buterin’s transfer, innovators within the Ethereum ecosystem provide alternative focus areas.
Ethereum core developers are discussing potential upgrades to ensure the network’s long-term competitiveness.
This could impact its price in the long run as improved functionality may lead to increased adoption.
Since its inception, Ethereum’s price has increased by over 770,000%.
While the current price trend has seen it fall by over 5% in the past week, a rebound is expected soon.
New adoption catalysts like spot Ethereum ETF products might help Ethereum price regain its lost ATH of $4,891.70.
