Ethereum co-founder Vitalik Buterin has once again caused a stir in the crypto community by transferring a significant amount of ETH. According to a report from Lookonchain, Buterin moved 800 ETH, valued at $2.01 million, to a multisig wallet. Shortly after, 190 ETH from this wallet was exchanged for 477,000 USDC, a stablecoin pegged to the U.S. dollar. This transaction comes on the heels of a larger transfer Buterin made on August 9, when he moved 3,000 ETH, worth approximately $8.04 million, to the same wallet. These movements have reignited debates within the Ethereum community regarding the asset’s role as a store of value, especially in light of concerns about large-scale ETH sell-offs by major holders, often referred to as “whales.”
The 30-year-old tech entrepreneur’s fund transfers have also intensified speculation about the Ethereum Foundation’s management of its ETH reserves. Just a week ago, the organization transferred 35,000 ETH, valued at $94 million, to Kraken, prompting questions about the transparency of its operations. In response to growing concerns, Executive Director Aya Miyaguchi clarified that the large transfer was part of the Foundation’s treasury management. The funds were needed to cover operational expenses, including grants and salaries that may require fiat currency payments. Buterin himself addressed the concerns, revealing that around 90% of his net wealth is in ETH and that he receives a monthly salary of nearly $140,000 from the Ethereum Foundation.
According to Lookonchain, the Ethereum Foundation has sold more than 239,000 ETH since January 2021, totaling $654 million. In July, a wallet associated with the organization moved over $290 million in ETH after being dormant for seven years. Whale activity, especially from high-profile figures like Buterin, often influences the overall price and perception of an asset in the crypto community. On-chain analysts closely monitor movements from such addresses, making Buterin’s known wallets a subject of particular interest.
As of the time of writing, ETH is priced at $2,526, fluctuating between $2,503 and $2,593 over the last 24 hours. This represents a slight 0.8% decrease from its position a day ago and a 5.7% drop over the week. Additionally, over the past 30 days, the asset has decreased by nearly 24%. With a market cap of $303.8 billion, the current price would value Buterin’s holding of 240,171 ETH at approximately $606.6 million.
The recent fund transfers and revelations by Vitalik Buterin have sparked debates and speculation within the Ethereum community. The transparency and management of ETH reserves, as well as the impact of whale activity on the market, continue to be topics of interest for crypto enthusiasts. As the crypto landscape evolves, the actions of key figures like Buterin will likely continue to influence the perception and value of assets like ETH.