Vitalik Buterin Moves More ETH, Price Drops Below $1600

Vitalik Buterin Moves More ETH, Price Drops Below $1600

Ethereum creator Vitalik Buterin continues to sell ETH and more tokens more frequently, causing ETH price to remain under pressure. Vitalik wallet address (Vb 2) just transferred a total of 278 ETH to the wallet address starting with.

According to Etherscan data, Vb 2 wallet linked to Vitalik Buterin has moved 278 ETH in total in three transactions to 0x3F62. A large transfer of 200 ETH is followed by two small transactions of 68 ETH and 10 ETH. While the value of these transactions is not even in a million, recent transfer of ETH to exchange from Vitalik Buterin’s wallet have raised concerns among traders.

Recently, Ethereum co-founder Vitalik Buterin transferred 300 ETH worth nearly $493k to crypto exchange Kraken. Also, Lookonchain reported that a whale deposited a total of 30,000 ETH worth nearly $50 million to crypto exchanges Binance, OKX, and KuCoin this week.

Meanwhile, an ETH ICO participant sold 6,000 ETH worth nearly $10 million to Kraken. The transaction happening amid allegations of SEC’s corruption related to Ethereum (ETH) initial coin offering (ICO) raises questions.

Ethereum founder Vitalik Buterin also swapped MKR tokens for 350 ETH for the first time in 2 years. He subsequently transferred the received 350 ETH to address 0x3F62.

Typically, the movement of ETH by Vitalik Buterin and the Ethereum Foundation is followed by a fall in ETH price. While the reason behind the recent transfer remains unknown, some speculate another massive selloff by Vitalik Buterin.

Read More: Bitcoin Options Data Shows Rise In Put Calls, Whale Holdings Drop

ETH Price Falls Below $1600

In August end, Vitalik Buterin labeled address “vitalik.eth executed a transfer of 3,000 ETH worth almost $5 million to the Vb 2 wallet address. This transfer follows Buterin’s recent movement of 600 ETH worth nearly a million to crypto exchange Coinbase.

ETH price currently trades at $1593, rising upwards after a fall in the last 24 hours. The 24-hour low and low are $1,573 and $1,601, respectively. The trading volume has decreased by 22% in the past 24 hours, indicating a lack of interest among traders.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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.

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