Ethereum Founder Responds As His ETH Holdings Down 66%

Buterin sold 5,000 ETH in August alone, which he claimed were to support other projects and for charity.

Ethereum co-founder Vitalik Buterin’s on-chain activities have not gone unnoticed by the crypto community, especially by the enthusiasts of the second-largest asset. Buterin’s routine and persistent Ethereum sell-off has sparked debate about the co-founder’s long-term view of the crypto asset.

His August 27 and 30 combined 1,000 ETH transfer into a multi-signature account has raised questions about his long-term disposition towards Ethereum. The co-founder has considerably dumped a huge slice of the asset he received during the project’s pre-mine event.

For context, Buterin revealed in a Reddit post three years ago that he received 700,000 ETH from mining activities when the network was still in that phase. On-chain data shows that Buterin has just 240,171 ETH, 44% of what he received in 2021.

The Friday sales meant 5,000 ETH had flowed out of Buterin’s wallet since the start of August. Data showed the co-founder transferred 3,000 ETH to the same muti-signature account on August 9.

A Cautious Approach

Buterin’s Ethereum sales remain a concern for the network’s community, as some have questioned the co-founder’s devotion and long-term perception of Ether. A user even noted that Buterin and Ethereum’s core developers were not promoting the project extensively.

According to the user’s tweet, Ethereum core developers have never publicly discussed Ether as a store of value or meaningful programmable money. The user cited that the devs took this cautious approach even before the US Securities and Exchange Commission’s (SEC) securities-commodity tussle with the Ethereum foundation.

Buterin Responds

Amidst the widespread speculation, Buterin has taken to X to clear the air. In response to a tweet on Saturday, the co-founder stated that he has never sold any of his Ethereum for personal gains.

I haven’t sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D)

— vitalik.eth (@VitalikButerin) August 31, 2024

Buterin said that he has held his bag and its gains since 2018, and his sales have been to support valuable projects on the Ethereum network and other chains. He also noted that he had sold some Ethereum for charitable donations.

The Ethereum co-founder had earlier responded to a tweet that he didn’t believe Ethereum was a store of value. He noted that 90% of his portfolio is on Ethereum, which is a clear sign that he believes in the asset’s underlying value.