Vitalik Buterin-linked wallet moves 1,300 ETH worth $3.17M to another wallet, fueling market speculation.
Wallet linked to Buterin transferred 74.17 ETH to Paxos after a $3.17M transaction, drawing market attention.
ETH price surges 5.6% amid significant wallet transfers and broader market recovery following Fed rate cut.
An Ethereum wallet that may belong to the founder of the cryptocurrency Vitalik Buterin has transferred 1,300 ETH, which cost around $3. 17 million, transferred directly to another wallet, as per Lookonchain, an on-chain transaction tracker. A particular wallet with the address of “0xD04d” transferred the tokens to another wallet address of “0x5567,” and this got investors and analysts talking.
https://twitter.com/lookonchain/status/1836762005954539918
Lookonchain noted that this wallet activity is not an isolated event; the “0xD04d” address had previously moved 1,000 ETH, valued at $2.45 million at the time, to the same “0x5567” wallet nearly a year ago. After the latest transfer, the receiving wallet moved 74.17 ETH, worth about $181,000, to Paxos, a popular cryptocurrency platform.
Recurring Transfers Raise Questions
The transactions between the two wallets have attracted attention due to their frequency and timing. Approximately 348 days ago, the same wallet sequence was observed, with funds subsequently deposited into the Bitstamp exchange. The repetition of these transfers has led to market speculation regarding their purpose, though no official statements have clarified the reasons behind them.
Additionally, the wallet “0xD04d” had previously received a significant amount of 70,000 ETH, valued at around $171.5 million, from another wallet reportedly connected to Buterin or his associates. These recurring transactions continue to stir debates within the cryptocurrency community, particularly as ETH’s price recently saw a notable increase.
Ethereum Price Surges Amid Broader Market Recovery
Amid the recent wallet activity, Ethereum’s price surged by 5.6%, reaching $2,431 with a 24-hour high of $2,452.57. The cryptocurrency’s trading volume also increased by 49% to $21.91 million, and its Futures Open Interest grew by 9% to $11.5 billion.
This rising trend in ETH prices coincides with a larger market recovery following the US Federal Reserve's 50 basis point rate decrease. Analysts believe that good macroeconomic fundamentals and renewed investor interest might boost Ethereum to $5,000, albeit market circumstances remain volatile.
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