Vitalik Buterin’s Wallet Sold 190 ETH for 441,971 USDC

A wallet that is related to Ethereum’s Co-Founder, Vitalik Buterin, was last seen selling 190 Ethereum tokens for 441,971 USDC. Since August 30, 2024, the wallet has sold 950 Ether for an average price of $2,396. Since then, it has received 3,800 ETH tokens worth $9.8 million. This is being associated with the ongoing price fall but Buterin has come forward to explain why he sold the tokens.

Vitalik, in a post, said that the idea was to support valuable projects and back charitable causes. They are all part of the Ethereum ecosystem. When asked if he could have just invested instead of selling the token, Buterin responded by saying that there were other ways of maximizing the impact of giving money. He also mentioned that it could be employed to secure commitments for the advantage of the network or even humanity to a certain extent.

For reference, ETH is exchanging hands at $2,327.55, down by 1.05% in the last 24 hours. It further reflects a decline of 2.91% over the last 7 days.

The last discussion of Ethereum focused on an imbalance in the issue-burn mechanism. The original idea was to maintain the ratio so that there was enough scarcity to sustain prices. However, more tokens have been issued than burned. Last week saw a net increase of 15,637.76 ETH. A total of 18,263.28 Ethereum tokens were issued, and only 2,625.52 were burned. Therefore, they will be permanently removed from supply.

Meanwhile, ETH staking is on the rise. Last week, there was an increase of almost 0.24%. This hints at the rising confidence in the long-term potential of the token.

A safety net of approximately $2,350 has been drawn. The last 24 hours have seen the token move up and down, but it has mostly remained below the mark. The highest amount it has achieved is $2,396.53. This is less than the performance of $2,814.32 recorded on August 24, 2024.

According to short-term Ethereum predictions, it is expected to rise by 7.27% in the next 30 days. This will take the value to $2,501.70. There is a chance that ETH may hit that mark earlier than expected. This will set the stage for a higher mark of $4,000 by the year-end.

Vitalik Buterin’s sales have generated a negative perception, despite the fact that their primary objective is to provide support for charitable causes and valuable projects within the ecosystem. At present, analysts have not reported any form of selling pressure as a result of this transaction. Selling pressure has often pulled the price of a token down. For instance, the price of BTC experienced a decline after Grayscale issued the BTC ETF.

When short-term investors realize their gains, selling could happen for ETH. Or, those who have been in the game for a long time come across a soft spot to sell and take profits home.