Vitalik Buterin offloaded millions worth of Ethereum (CRYPTO: ETH) over the past couple of days, coinciding with a significant drop in the cryptocurrency’s price.
ETH Exits Buterin’s Wallet
In an X post on Sunday evening, on-chain tracker Lookonchain pointed to the sale of 1,869 ETH, worth $3.67 million, over the last 48 hours. This sale coincided with a 5.7% drop in ETH’s price, sliding from the high $1,900s into the mid-$1,800s.
“Vitalik Buterin is selling ETH faster again,” added Lookonchain.
Earlier this month, Buterin dumped over $14 million in ETH after the second-largest cryptocurrency sank over 22%.
According to data from Arkham, the wallet tied to Buterin recorded outflows of nearly 17,000 ETH, valued at over $31 million based on current prices. The wallet still holds 224,106 ETH, worth $416 million.
What Could Be The Reason?
Buterin has a history of selling portions of his ETH holdings over the past five years and publicly disposing of tokens received in unplanned altcoin airdrops.
One potential explanation for this transfer is that Buterin could be diversifying and securing his holdings by spreading them across multiple wallets.
Buterin didn’t immediately return Benzinga’s request for comment.
Crypto Market Shivers
Over $460 million has been liquidated from the market in the last 24 hours, with ETH liquidations alone amounting to $112 million, per Coinglass data.
Price Action: At the time of writing, ETH was exchanging hands at $1,864, down 5.5% over the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has plummeted 37%.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
Market News and Data brought to you by Benzinga APIs
To add Benzinga News as your preferred source on Google, click here.
