Vitalik Buterin has swapped a total of 10,723 ETH for stablecoins since the start of February, according to onchain data, following a previously announced plan to fund a range of open-source technology initiatives. Blockchain analytics platforms Onchain Lens and Lookonchain flagged the transactions this week, with the latter citing data tracked by Arkham. According to the data, Buterin sold 3,765 ETH for $7.08 million in the three days leading up to February 24, adding to a series of sales earlier in the month. In total, the Ethereum co-founder has sold 10,723 ETH since February 2 for approximately $21.7 million, with the transactions executed at an average price of $2,027, per Onchain Lens data.
The recent activity follows an announcement Buterin made on January 30. In a post on X, he said he had withdrawn 16,384 ETH, worth roughly $45 million at the time, to personally finance what he termed an “open-source, secure and verifiable full stack” of software and hardware. Buterin said the funds would be deployed over the next few years across sectors including finance, communication, governance, operating systems, secure hardware, and biotech applications. He described the capital allocation as his own share of the austerity during a period in which the Ethereum Foundation has prioritized long-term sustainability and core protocol development.
These sales come during a broader downturn for digital assets. Ether has lost 38% of its value over the last 30 days, according to market price pages, and is currently trading at around $1,825. The cryptocurrency is down 3.5% in the last 24 hours and remains 63% below its all-time high of nearly $5,000 reached in August last year. Market participants on X offered mixed reactions to the continued selling, with some criticizing the timing and others defending the move, noting that Buterin had publicly outlined these funding plans in late January.
Meanwhile, previous large transfers from Buterin’s wallet have coincided with price declines. According to Lookonchain, during a prior sale of 6,958 ETH for $14.78 million, Ether’s price dropped from $2,360 to $1,825, a 22.7% fall. In the two days leading up to February 23, when Buterin sold 1,869 ETH for $3.67 million, Ether fell from $1,988 to $1,875, representing a 5.7% decline.
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