Vitalik Buterin Moves $1.64 Million In ETH To Bitstamp

Today Lookonchain, an on-chain analytics firm, reported that an address associated with Ethereum co-founder  Vitalik Buterin transferred 1,000 ETH tokens, valued at approximately $1.64 million, noting that the coins are likely headed to Bitstamp, a popular cryptocurrency exchange.

Frequent Activity in Ethereum Co-founder’s Wallet

This isn’t the first time that Buterin’s wallet has been active. Over the past two months, this specific address has deposited a substantial 4,400 ETH into Bitstamp, totaling approximately $7.23 million.

As per Lookonchain , this address received a significant influx of 70,000 ETH from a wallet labeled “Vb3” and is widely believed to be connected to Vitalik Buterin himself.

Just a couple of weeks ago, the firm reported another notable transaction involving Buterin’s wallet. He moved around $1 million worth of Ethereum to Coinbase, mirroring a similar move made in August when he sent 600 ETH to the same destination, presumably for selling purposes.

Ethereum Remains Stable

Interestingly, these transactions have not exerted any notable influence on Ethereum’s market price, as the price has remained relatively stable. This stability can be partially attributed to a broader trend. Recent data from Santiment indicated a substantial withdrawal of 110,000 ETH from centralized exchanges (CEXes) on Wednesday marking the most significant Ethereum outflow from CEXes since August 21.

As a result, Santiment reported that the total Ethereum supply on exchanges has plummeted to its lowest point in over 5.5 years, whereas the non-exchange ETH supply has surged to a historic high of 115.88 million ETH.

That said, Ethereum demonstrated remarkable resilience after a challenging week. Over the past 24 hours, it has swiftly rebounded by roughly 1.24% and was trading at $1,641 at press time.

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Newton Mbogo is a crypto and DeFi specialist. He has a B.A Hons in Law from Kabarak University, where he studied complex economic, legal, and ethical theory relevant to the FinTech landscape. Newton has a particular interest in decentralization and privacy blockchains, as they directly relate to our human rights and flourishing. He cares about blockchain, DAG, and DeFi as a means of positively changing our lived experiences.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.