Coinspeaker Vitalik Buterin Continues Ethereum Selloff Streak, Moves 649 ETH to Paxos
Ethereum co-founder Vitalik Buterin is still selling parts of his ETH holding. According to data from SpotonChain, the developer has transferred over 1,300 ETH to Paxos in the last 12 days. The analytical platform also identified a deposit of 649 ETH ETH $2 636 24h volatility: -0.3% Market cap: $317.55 B Vol. 24h: $12.38 B to Paxos from a wallet belonging to Buterin, identified as “0x556.”
Based on the market price of ETH at the time, the transfer was worth $1.72 million.
Numerous ETH Transfers in a Short Time
On September 19, the 0x556 wallet received 1,300 ETH, valued at $3.21 million, from another wallet 0xd04. The latter was initially funded by Vitalik Buterin with 70,000 ETH back in 2022. However, it took the wallet 0x556 about 11 days to transfer all 1,300 ETH to Paxos. It appears to have capitalized on the altcoin’s price recovery. With an average sale price of $2,581 per ETH, the transfer reached $3.35 million.
Wallet “0x556,” associated with @VitalikButerin, deposited the last 649 $ETH ($1.72M) to #Paxos ~20 hours ago.
Notably, on Sep 19, wallet “0x556” received 1,300 $ETH ($3.21M) from wallet “0xd04,” which got funded with 70K $ETH by Vitalik Buterin in 2022.
Over the past 11 days,… pic.twitter.com/tuRYZKGmiV
— Spot On Chain (@spotonchain) September 30, 2024
This is noteworthy because it is part of a larger series of transfers by the Ethereum co-founder. On August 30, Lookonchain reported the transfer of 800 ETH, worth approximately $2.1 million, to a multi-signature wallet. Of these, 800 ETH were transferred to the multi-sig wallet, and 190 ETH were swapped for 477,000 USDC. The transfer raised eyebrows, particularly as the market was characterized by intense volatility at the time.
While the cryptocurrency community was still speculating whether a Vitalik Buterin selloff was on the horizon, he transferred another 190 ETH, valued at approximately $441,971 at a later date. The altcoin seems to have responded to the offloads, as it is currently facing a price decline. At the time of this writing, Ethereum traded at $2,631.13 after experiencing a price dip of 0.74% in the last 24 hours.
A few analysts have voiced their concerns that Ethereum has lacked significant upside momentum. This concern comes amid a broader crypto market rebound fueled by the upcoming October bullish narrative. Generally, the altcoin has seen some rebound, too, to the point of consistently closing above the 50-day Moving Average (MA). Still, Ethereum has not yet performed as expected.
It could retrace to the support level of around $2,250 in the near term before rebounding towards its all-time high (ATH). From a technical standpoint, if the price of the coin fails to rise above July’s peak of about $3,566 in the coming weeks, the macro falling trend that began in March is likely to push the altcoin below $2,000.
Vitalik Buterin Plans to Scale Ethereum Network
On the other hand, Vitalik Buterin is concerned about the limitations of the Ethereum network. This led him to suggest an increase in “blob count”, which he says will boost the scalability of the Ethereum blockchain.
This blob count concept, which came with the major Dencun upgrade, will be implemented using the Ethereum Improvement Proposal (EIP)-7623.
“We cannot afford to let the momentum slip on moving more layer 2s over to using blobs,” the Ethereum co-founder said, adding that “EIP-7623 is crucial for this because it ensures that the worst-case size of a block massively decreases.
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Vitalik Buterin Continues Ethereum Selloff Streak, Moves 649 ETH to Paxos
