A wallet associated with Ethereum co-founder Vitalik Buterin has drawn attention after selling over 950 ETH in just a few weeks. The wallet initially received 3,800 ETH, valued at around $9.8 million, from Buterin in August. The transfers included 3,000 ETH on August 9 and another 800 ETH on August 30.
Recent blockchain data from Lookonchain reveals that on September 11, the wallet sold 190 ETH for approximately $441,971 in USDC. Prior to this, it had already sold 760 ETH for $1.835 million, bringing the total ETH sold to 950 since the transfers began, amounting to roughly $2.28 million in total.
These transactions sparked speculation that Buterin might be liquidating his Ethereum holdings for profit. However, Buterin quickly addressed the rumors, explaining that the sales were intended to fund ecosystem development and charitable efforts. He shared on X (formerly Twitter), “All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity.”
While Buterin clarified the purpose of the sales, he did not specify the recipient of his most recent transfers.
In the backdrop of this, the Ethereum Foundation has also been actively managing its ETH holdings. Earlier this month, the foundation sold 450 ETH for 1.029 million DAI on September 9, adding to its total sales of 3,066 ETH for 2024. Although the foundation has not made an official statement regarding these sales, insiders suggest the funds are being used to cover operational expenses.
The cumulative effect of these transactions, particularly by high-profile entities like Buterin and the Ethereum Foundation, has contributed to a downward trend in Ethereum’s price. Over the past 30 days, Ethereum’s value has dropped by 13%, reflecting the market’s sensitivity to these large sales. Despite this, Buterin’s focus remains on supporting the Ethereum ecosystem and broader philanthropic initiatives, indicating that these sales are driven by long-term goals rather than short-term profit.
