His ETH activity coincides with market volatility and renewed criticism of layer two scaling progress.
Ethereum founder Vitalik Buterin has transferred nearly 3,000 Ether, valued at roughly $6.7 million, over the past three days, according to on-chain data. On-chain analytics from Arkham Intelligence reveal that Buterin sold around 2,961.5 ETH at an average price of around $2,228.
The activity is still ongoing. While the transfers have attracted attention in the markets, blockchain records show the sales are part of his holdings, not an exit.
The recent ETH sales follow comments from Buterin last week about withdrawing $44.7 million of his personal funds to support the Ethereum Foundation during what he described as a period of “mild austerity.” At that time, he moved assets from one wallet to another without liquidating them, indicating internal capital reallocation.
Buterin stated that the spending restraint is intended to support two linked objectives. One is promoting a strong roadmap to bolster Ethereum’s role as a decentralized world computer. The other is preserving user access built around self-sovereignty, security, and privacy.
As a result, the recent ETH movements seem to align with the funding strategy rather than panic selling.
Data from Arkham indicates that Buterin still controls around 16,300 ETH. The balance is distributed between wrapped Ether, native ETH, and AETH-linked positions. At the snapshot time, the portfolio’s value was around $38.5 million, and ETH-denominated assets still accounted for the majority of the portfolio.
Recent swaps involving WETH and stablecoins were processed via the CoW Protocol. Even so, the broad exposure remained largely intact. Analysts point out that this pattern is consistent with liquidity management, rather than a general decrease in ETH risk.
The timing of the transactions is coincident with a sharp downturn in the overall Ethereum market. As of Thursday morning, ETH was trading near $2,105, down 7.34% in the past 24 hours. Moreover, the asset has lost more than 28% in the last week, according to CoinMarketCap data.
CoinGlass reports that the latest selloff led to liquidations of more than $210 million worth of long ETH positions in just one day. As a result, founder-linked wallet movements have come under increased scrutiny as traders gauge sentiment in a fragile market segment.
Historically, Buterin had sold some of his ETH assets without indicating that he had lost trust in the network. As of 2021, his ETH balance surpassed 333,000 tokens, briefly valuing his holdings at over one billion dollars during the market surge.
In 2015, he also sold a large amount of ETH in an OTC transaction to Galaxy Digital CEO Mike Novogratz at $0.99 per ETH. More recently, in late 2024, Buterin denied speculation regarding Ethereum Foundation wallet outflows. He explained that such transfers were compensation for researchers and developers, not personal selling.
The ETH sales also coincide with the time when Buterin resumes criticizing the strategies of layer-2 scaling. In one of his latest posts, he raised questions about the long-term value of network-based rollups like Polygon, Base, and Arbitrum.
Buterin argued that progress toward advanced interoperability stages has not occurred as quickly as he expected. In the meantime, he said the Ethereum base layer was already scaling and that transaction costs had dropped to historical lows. Consequently, he proposed that the initial feasibility of the layer-2 networks can be reevaluated.
Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.
