Vitalik Buterin Sends 600 ETH To Coinbase Amid Market Sell-off

• Ethereum founder Vitalik Buterin recently transferred 600 ETH to Coinbase.
• Buterin’s $1 million transfer came amid a 10% decline in Ether’s price over the past week.
• The Ethereum founder’s followers speculated that his transfer was likely to purchase altcoins.

Vitalik Buterin, the Founder of the world’s second-largest blockchain, recently deposited 600 ETH to crypto exchange Coinbase. Buterin’s $1 million transfer came amid a sell-off in the crypto market that prompted ETH’s price to decline by nearly 10% over the past week. The crypto community expressed concerns, given that such transactions are likely followed by a drop in Ether’s price.

Data from the Ethereum blockchain scanner Etherscan showed that a crypto address associated with Buterin transferred 600 ETH to Coinbase earlier today. The Ethereum founder’s million-dollar transaction comes just days after the broader crypto market witnessed a dramatic sell-off that triggered liquidations worth over $1 billion for crypto traders.

At the time of writing, ETH was trading at $1,666, with a market capitalization of a little over $200 billion. The price drop last week took Ether’s price to a two-month low of $1,615. According to the on-chain analytics platform Coinglass, more than $4 million worth of ETH positions were liquidated over the past 24 hours. As far as the crypto market is concerned, Ether’s options volume has tanked by more than 51.5%.

The crypto community on X (formerly Twitter) speculated that Buterin’s sudden crypto transfer was in order to fund the purchase of altcoins. Some brushed off the transfer given that it was worth $1 million. Many users implied that the Ethereum founder was dumping his ETH in the wake of the recent market sell-off.

Lookonchian reported earlier today that Buterin repaid 251,000 RAI on Maker on August 20, 2023. The repayment was followed by a withdrawal of 1,000 ETH worth approximately $1.6 million. The reason for Buterin’s recent transactions remains unknown.