Is a Price Drop Coming?

• Vitalik Buterin’s wallet actively sells ETH, raising $1.835M USDC from recent transactions.
• The Ethereum Foundation recently pledged 3,000 ETH to Kelp for liquidity management efforts.
• Crypto community debates the timing of Buterin’s ETH sales amid market volatility.

Ethereum co-founder Vitalik Buterin’s multi-signature wallet has been actively selling ETH holdings, generating around 1.835 million USDC from the sale of 760 ETH. This activity followed an earlier transfer of 3,800 ETH, valued at $9.99 million, into the wallet from Buterin’s connected wallets between August 9 and August 30, 2023. The latest sale occurred September 8, 2023.

Buterin had stated he hasn’t sold ETH for personal profit since 2018, and that these sales typically support charitable contributions, donations, or project funding.

Spot On Chain monitoring revealed the systematic selling pattern from the multi-signature wallet. The average sale price for the ETH was approximately $2,414. The activity aligns with Buterin’s previous statements on his ETH holdings.

Ethereum Foundation Also Active

Meanwhile, the Ethereum Foundation has also been involved in similar transactions. An address linked to the Foundation, 0x22D, pledged 3,000 ETH (worth around $6.9 million) to Kelp, an initiative focused on liquidity management.

This transaction, identified by ai_9684xtpa monitoring, occurred just four hours before the latest sale from Buterin’s wallet. This Ethereum Foundation-associated address has a history of such activities. On May 10, 2022, it received 4 million DAI from the Foundation, and six months ago, it pledged $58.01 million worth of ETH to ether.fi, receiving 75,000 ETHFI tokens in return.

Community Reactions and Market Impact

These transactions have sparked discussions within the crypto community, particularly regarding their timing amidst the current fluctuations in the crypto market. The transactions come at a time when the crypto market is experiencing volatility, influenced by broader economic factors and market sentiment. 

In addition, according to a recent report by Coin Edition, Vitalik Buterin made headlines earlier when he moved 800 ETH, valued at approximately $2.01 million, to a multi-signature wallet. Shortly after receiving the ETH, the wallet swapped 190 ETH for $477,000 USDC.