TL;DR
- A wallet associated with Vitalik Buterin recently sold 190 ETH, approximately $442,000, suggesting possible adjustments in his strategy.
- Since August 30, Buterin’s wallet has received 3,800 ETH and sold 950 ETH.
- In the past 24 hours, whales have sold over 64,000 ETH, increasing selling pressure and generating speculation about Ethereum’s price movement.
A recent transaction has drawn significant attention. A wallet linked to Vitalik Buterin, co-founder of Ethereum, sold 190 ETH, worth approximately $442,000. This sale is part of a series of moves that could indicate a possible adjustment in Buterin’s investment strategy.
Since August 30, Buterin’s wallet has been notably active. Over the past few weeks, it has received about 3,800 ETH, valued at around $9.8 million. However, it has also sold approximately 950 ETH, generating around $2.28 million, with an average sale price of $2,396 per ETH. The recent sale of 190 ETH adds to these movements and suggests that Buterin might be adjusting his holdings.
A wallet related to vitalik.eth(@VitalikButerin) sold 190 $ETH for 441,971 $USDC again 20 minutes ago!
The wallet received 3,800 $ETH($9.8M) from #Vitalik and has sold 950 $ETH($2.28M) at an average price of $2,396 since Aug 30.https://t.co/K6i8Wr8vZ3 pic.twitter.com/GgHvs3gxft
— Lookonchain (@lookonchain) September 11, 2024
This activity coincides with a surge in sales by Ethereum whales. In the past 24 hours, there have been large-scale ETH sales, totaling more than 64,000 ETH. Among the most notable transactions, one whale transferred 39,999 ETH to Binance, worth about $93.5 million, while another moved 14,588 ETH to Coinbase, equivalent to $34.2 million.
Sales Over $150 Million in Ethereum
Additionally, a third whale sent 10,000 ETH, valued at around $23.3 million, also to Binance. These transactions amount to approximately $151 million in sales in a single day, increasing selling pressure in the Ethereum market.
The combination of Buterin’s actions and the large sales by whales has led to speculation about a potential correction in Ethereum’s price. Currently, the cryptocurrency faces resistance at the $2,400 level. If it breaks this barrier, the price could move towards the $2,550 range. Otherwise, the price might drop to support levels at $2,335 and $2,300.
Complications for Vitalik Buterin’s Project
Additionally, Ethereum is facing another challenge with the decline in network revenue, which has dropped by 99% since March 2024, partly due to the shift of activities to layer-2 networks. This trend raises concerns about the future valuation of Ethereum’s mainnet as layer-2 solutions become increasingly dominant.
