Ethereum’s creator, Vitalik Buterin, has once again initiated a series of Ethereum (ETH) transactions, moving a total of 278 ETH.

These transactions follow a significant selloff of ETH holdings worth millions last month, and they coincide with a decline in ETH’s price, which has dropped below the $1600 mark.

Details of Vitalik’s Wallet Movements

Vitalik Buterin’s wallet address, known as “Vb 2,” conducted a total of three transactions, sending 278 ETH to another wallet address. The recipient address begins with “0x3F62.” Among these transactions, a substantial transfer of 200 ETH was accompanied by two smaller transactions of 68 ETH and 10 ETH, respectively.

Vitalik Buterin, Ethereum Co-Founder, Sells Off MakerDAO Holdings

Although the individual transaction values do not reach a million dollars, they have sparked concerns within the trading community due to Vitalik Buterin’s recent transfers of ETH to exchanges.

In a recent notable transaction, Vitalik Buterin transferred 300 ETH, valued at nearly $493,000, to the crypto exchange Kraken. Additionally, reports from Lookonchain indicated that a whale deposited a substantial 30,000 ETH, equivalent to nearly $50 million, across crypto exchanges Binance, OKX, and KuCoin in the same week.

Additional Ethereum Transactions and Market Impact

Meanwhile, a participant from an Ethereum (ETH) initial coin offering (ICO) reportedly sold 6,000 ETH, valued at nearly $10 million, to Kraken. This transaction has garnered attention, particularly amidst allegations of corruption related to the U.S. Securities and Exchange Commission (SEC) in connection with Ethereum’s ICO.

Furthermore, Vitalik Buterin engaged in a token swap, exchanging MKR tokens for 350 ETH. Notably, this marked the first time he had performed such a swap in two years. Subsequently, he transferred the received 350 ETH to address “0x3F62.”

Impact on Ethereum (ETH) Price

Historically, when Vitalik Buterin and the Ethereum Foundation engage in significant ETH transactions, it often coincides with a decline in the price of ETH. While the exact reason behind these recent transfers remains uncertain, some speculate that they may signal another substantial selloff by Vitalik Buterin.

At present, the price of ETH is trading at $1593, showing a slight recovery after a recent 24-hour price drop. The cryptocurrency reached a 24-hour low of $1,573 and a high of $1,601. The trading volume has decreased by 22% over the past 24 hours.

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.