Are Vitalik Buterin’s $10M Ethereum sales bad news for ETH bulls?

Buterin’s recent transfer of 1,100 $ETH to exchanges coincides with the Ethereum Foundation’s Ether sales worth over $200 million.

Ethereum co-founder Vitalik Buterin transferred about $10 million worth of his Ether holdings to wallets associated with crypto exchanges in August, according to data tracked by Lookonchain.

Additionally, Arkham Intelligence data shows Buterin’s Ether address has witnessed outflows of around 422,000 ETH (worth $1.04 billion as of Sept. 1, 2024) since 2015. Over 840,000 ETH have moved out of the address in the last two years.

The transfers led to speculation that Buterin has been selling his Ether holdings to realize Ether profits, especially as the cryptocurrency is trading 180% higher compared to its cycle low of $885 in 2022.

I haven’t sold ETH for profit since 2018 — Buterin

On Aug. 31, Buterin clarified that he has never sold his Ether holdings to realize profits, noting that all of his ETH transfers since 2018 have been about supporting various projects that he thinks are valuable, either within “the Ethereum ecosystem or broader charity.”