As a seasoned crypto investor with a decade of experience under my belt, I find Vitalik Buterin’s recent ETH transfers intriguing. While it’s always a bit nerve-wracking to see key figures like him selling parts of their holdings, I don’t read too much into it. After all, he’s the co-founder and should have a clear understanding of the market’s ebbs and flows.
Vitalik Buterin, co-founder of Ethereum, continues to sell some of his ETH holdings. As per information from SpotonChain, over the past 12 days, he has moved approximately 1,300 ETH to Paxos. Furthermore, an analytical platform detected a deposit of around 649 ETH (worth about $2,633) from Buterin’s wallet with the address “0x556” into Paxos within the same period. Here are some key details related to Ethereum:
Based on the market price of ETH at the time, the transfer was worth $1.72 million.
Numerous ETH Transfers in a Short Time
On the 19th of September, the wallet with address 0x556 received approximately 1,300 Ether (ETH), equivalent to around $3.21 million USD, from another wallet identified as 0xd04. It’s worth noting that this wallet 0xd04 was initially seeded with 70,000 ETH by Vitalik Buterin in the year 2022. After receiving these funds, it took wallet 0x556 around 11 days to transfer all 1,300 ETH to Paxos. This delay suggests that they may have taken advantage of the altcoin’s price rebound, as the average selling price of each ETH was approximately $2,581. Consequently, the total value of the transfer reached around $3.35 million.
649 Ether (approximately $1.72 million) was recently deposited into Paxos from a digital wallet identified as “0x556,” which is linked to the account @VitalikButerin, around 20 hours back.
On September 19th, I observed a significant transaction where wallet “0x556” received approximately 1,300 Ether (equivalent to around 3.21 million dollars) from wallet “0xd04.” Interestingly, it’s worth noting that this wallet “0xd04” was funded with roughly 70,000 Ether by Vitalik Buterin back in 2022.
Over the past 11 days,…
— Spot On Chain (@spotonchain) September 30, 2024
As a researcher delving into blockchain transactions, I found it intriguing to note that on August 30th, a significant transfer of Ethereum (ETH) occurred, amounting to approximately $2.1 million. Lookonchain reported this transfer, with 800 ETH going into a multi-signature wallet, and another 190 ETH being exchanged for 477,000 USDC within the same wallet. This transaction garnered attention, especially given the market’s high volatility at that time.
As rumors swirled about potential sell-offs from Vitalik Buterin, he moved another 190 ETH (around $441,971 at a later date). This action appears to have impacted the altcoin market, as it is currently experiencing a price drop. At the moment of this update, Ethereum was trading at $2,631.13 following a 0.74% price decrease over the last day.
Some analysts have expressed worries that Ethereum hasn’t shown substantial growth recently, despite a general crypto market recovery driven by positive sentiments for October. However, it’s worth noting that Ethereum has managed to recover somewhat, consistently closing above its 50-day Moving Average. Yet, its performance so far doesn’t meet the expectations set by analysts.
In simpler terms, it’s possible for the price to drop down to approximately $2,250 temporarily, but then rise again towards its highest ever recorded value (ATH). If the coin’s price doesn’t manage to go above its July peak of roughly $3,566 in the upcoming period, the overall decreasing trend that started in March could potentially push the cryptocurrency below $2,000.
Vitalik Buterin Plans to Scale Ethereum Network
From a different perspective, Vitalik Buterin expresses apprehensions regarding the constraints within the Ethereum network. To mitigate these issues and enhance its scalability, he proposes increasing the “blob count” in the Ethereum blockchain.
The idea of counting blobs, introduced during the significant Dencun update, will be carried out by utilizing the Ethereum Improvement Proposal (EIP) number 7623.
As a researcher in the Ethereum community, I firmly emphasize the importance of continuing our progress towards transitioning more Layer 2 solutions to employ blobs. The Ethereum co-founder’s statement resonates with me, as he highlighted that EIP-7623 plays an essential role in this process. This proposed Improvement Proposal significantly reduces the maximum block size in the worst-case scenario, which is crucial for our ongoing efforts to optimize and scale Ethereum effectively.
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2024-09-30 11:40