As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a pang of concern upon witnessing these recent sell-offs linked to Ethereum Foundation wallets and Vitalik Buterin himself. Having navigated through multiple market cycles, I’ve learned that such events often signal a potential shift in the market dynamics.
Over the past while, several wallets connected to the Ethereum Foundation and Vitalik Buterin, one of Ethereum’s co-founders, have been actively selling off their Ethereum (ETH). Based on data from blockchain analysis firm Arkham Intelligence, an address presumed to be linked to the Ethereum Foundation (0xd7…c1f4) disposed of 450 ETH, equivalent to approximately $1.0364 million in DAI.
The Cow Protocol facilitated a transaction involving Ethereum between 3:23 PM and 3:29 PM (UTC+8) today, which was subsequently transferred to other Ethereum Foundation addresses. It’s worth noting that this is one of numerous transfers since the introduction of spot Ethereum ETFs in June. Recent data from Arkham Intelligence suggests that the Ethereum Foundation wallet has been moving significant amounts of ETH over the past few hours.
Is the Ethereum Co-founder Linked to the Selling Spree?
Likewise, it was observed by Spot On Chain that a wallet requiring multiple signatures, which had received Ethereum transfers from one of the network’s co-founders, is currently offloading its holdings. Specifically, on August 9th and 30th, this wallet received two separate transactions totaling around 3,800 ETH, or approximately $9.99 million, from Buterin. Over the past few weeks, this wallet has been selling off its assets.
As an analyst, I observed that Vitalik Buterin moved approximately $8 million in Ethereum (ETH) to a fresh wallet address, igniting conjecture about a possible charitable contribution. This transfer is noteworthy given his history of moving substantial quantities of ETH to various wallet addresses, many of which are typically associated with donations made to philanthropic organizations.
PeckShield has recently found that a sum of approximately 200 Ether, equivalent to around $534,000, was sent by the individual to an address identified as 0xEBb7…eB89. On August 19th, this Ethereum co-founder transferred 400 Ether, or about $1.05 million, to a cryptocurrency blender named Railgun.
To date, a digital wallet connected to Buterin has moved 760 Ether (ETH) for approximately 1.835 million US Dollar Coin (USDC), with an average ETH price of around $2,414 per unit. The latest transaction was made less than 24 hours ago, hinting at the persistence of a downward trend in sales.
The multi-signature wallet that got $ETH from @VitalikButerin is on a selling streak!
Following a transfer of approximately 3,800 ETH (equivalent to around $9.99 million) from Vitalik on August 9th and 30th, the funds have been gradually converted. Recently, about 760 ETH were sold for roughly 1.835 million USDC at an average price of approximately $2,414 per ETH. The most recent transaction took place only 21 hours prior.
— Spot On Chain (@spotonchain) September 9, 2024
During that period, data from Spot On Chain indicated that Buterin moved approximately 662 Ether, equivalent to around $1.91 million, to a cryptocurrency tumbling service over a span of about ten months.
Ethereum Price Level Feels Threatened
The mix of these price drops and the actions taken by the Ethereum Foundation could potentially lead to a decrease in ETH‘s value within the market.
Regrettably, these outflows have been adding to substantial selling force, leading to a continued decline in the value of the top cryptocurrency. Just recently, Ether fell to $2,150 before rebounding slightly. Presently, it’s trading at $2,327.65, representing a 1.18% rise over the last day. This current price of Ether indicates that investors are generally less optimistic about the coin.
In light of cryptocurrencies failing to show any significant increase in earnings, analysts are expressing concerns about their future growth potential. Given the current sentiment among investors who are largely pessimistic towards Ethereum, these doubts seem justified. However, some market watchers and analysts posit that the coin may have hit rock bottom, which could spark a significant bullish trend in the near future.
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2024-09-09 16:33