The co-founder of Ethereum, Vitalik Buerin, has made headlines today following a significant ETH transfer from a wallet address that is reportedly linked to him. Over the past month, the same wallet has transacted a substantial amount of ETH coins according to on-chain data. The constant movement has raised debate across the ETH community, as members speculate the reasons behind them.
Notably, the recent transfer coincides with a red trading pattern for ETH. In the last 24 hours, the price of ETH has slipped by about 1.15%, joining a broader market downtrend. At the time of writing, the total crypto market valuation slipped by 1.58% to rest at $2.27 trillion.
Vitalik Buterin Moves $1.72 Million in ETH
Spot on Chain, a prominent crypto transaction tracker, called our attention to this action in a post on X (formerly Twitter) earlier today. According to the details, a wallet, labeled “0x556,” associated with the Russian-born crypto billionaire deposited 649 ETH to the crypto brokerage Paxos.
The transaction which was done about 20 hours ago from the time of writing has a total value of $1.72 million. This comes following a previous transfer of 651 ETH to Paxos.
Notably, the aforementioned wallet address received 1,300 ETH, valued at approximately $3.21 million, on September 19 from an address tagged “0xd04.” This wallet previously got funded with 70k ETH by Buterin in 2022.
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
Also, Spot on Chain noted that all 1,300 ETH were deposited to Paxos over the last 11 days at an average price of $2,581 per coin, worth $3.35 million.
Ethereum Whales on the Move
Meanwhile, a recent report from Lookonchain suggested a significant whale movement within the last 24 hours. According to the report, a smart trader with an absolute win rate of 100% in swing trading ETH, just purchased a staggering 10,083 ETH, worth $26.8 million.
For context, swing trading is a trading technique that involves initiating multiple trades within a short time as opposed to day trading where traders trade one asset daily. In swing trading, traders take trades that last for some days or up to several months to make profits from expected price moves.
Lookonchain highlighted that this trader has traded ETH ten times since August 12, and has made gains in every move, up to approximately $2.14 million in profits. Large crypto buys like this translate to bullish, as the trader bets large on the future trajectory of the asset.
Meanwhile, at press time, the Ethereum price declined by 0.96% to change hands at $2,636. However, its one-day trading volume surged by 39.23% to $13.6 billion.
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