Vitalik Buterin moves 800 Ether amid price dip; Why?

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Ethereum co-founder Vitalik Buterin made a fresh crypto move on Friday by moving 800 Ether to a multi-signature wallet. The reason behind the transaction remains unclear. However, his move comes at a time when ETH is dealing with high selling pressures and consistent liquidity outflow from ETH ETFs.

Ether price has dropped by more than 5% in the last 7 days as bearish sentiments try to take over the market. The total value locked on the Ethereum chain has also taken a hit of over 20% in the past month.

Vitalik Buterin transfers 800 Ether

As per the data shared by PeckShieldAlert, the Vitalik Buterin-linked address transferred 800 (worth approximately $2 million) to a multi-signature wallet. The Ethereum co-founder had moved 3,000 ETH (worth approximately $8 million) to the same wallet earlier.

The report added that the wallet has supplied 1,900 Ether to AAVE and swapped 190 ETH tokens for 477.3K USDC.

 

This is not the first time that Buterin has made such transfers. On August 19, he transferred 400 ETH (worth approximately $1.06 million) to a new wallet.

Additionally, he sent 1 ETH to Railgun, a crypto mixer known for enhancing user privacy. Buterin had earlier said that he had not sold a part of his Ether holding for personal gain since 2018 and had always donated it to a charity or non-profit organization.

ETH price down by 33% in 90 days

After the recent transaction, Buterin’s primary Ethereum address now holds 52.5 ETH (worth approximately $132K). This address also holds over $638K amount of funds divided into over 401 different tokens.

The wallet that received 800 ETH from Buterin holds six different tokens. It includes 1,900 aEthWETH (worth approximately $4.78 million) and 1,710 WETH (worth approximately $4.31 million).

The unexplained move happens at a time when ETH price is on a constant decline and has failed to regain the $2,600 price level.

ETH price has dropped by over 33% in the last 90 days. However, it still is up by 10% on a year-to-date basis. It will be crucial to see if it can maintain the lead for a longer time frame. Ether is trading at an average price of $2,526 as of press time. Its 24-hour trading volume is down by 18% to stand at $14 billion.

Per DefiLlama data, Ethereum’s TVL has dropped by 5% in the last 7 days and 20% over the past month to stand at $57 billion. TRON is now the second-largest chain in the TVL rankings with $8.23 billion.

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