Vitalik Buterin denies selling ETH, stating he has maintained his holdings since 2018.
Buterin’s ETH holdings have decreased to $606.65M from $1.46B over three years.
Ethereum price at $2,520, showing a 0.05% decline with increased investor interest in derivatives.
Vitalik Buterin, the co-founder of Ethereum, has responded to inquiries about his Ethereum (ETH) holdings and refuted rumors that he sold any of them. On August 31, Buterin denied claims on X that he had sold off some of his ETH holdings. His statement, ‘I haven't sold and kept the proceeds since 2018,’ highlights his dedication to holding onto his property.
https://twitter.com/VitalikButerin/status/1829801352500801538 Decline in ETH Holdings Explained
Buterin's response comes in the wake of mounting rumors that he is holding less ETH. According to data from Arkham Intelligence, Buterin's ETH is currently worth about $606.65 million, compared to $1.46 billion three years ago.
Notably, this is a significant decline. Buterin clarified that the decline is a result of a strategic decision to support multiple projects rather than a sale. His strategy entails allocating the earnings to charitable organizations as well as Ethereum ecosystem projects.
Furthermore, there has been a significant transfer of 800 ETH tokens to a multisig wallet, according to recent reports. This move is in line with Buterin's declared intention to aid in the advancement of Ethereum as well as more general humanitarian endeavors. Consequently, rather than viewing these actions as an indication of financial distress or liquidation, investors may view them as a component of a larger strategy to contribute to the Ethereum network.
Market Impact and Future Outlook
Buterin's remarks have sparked debates within the cryptocurrency community, especially about the relative merits of centralized and decentralized exchanges (CEXs and DEXs). He pointed out on X that, in contrast to CEXs' more laborious procedures, DEXs' streamlined processes provide greater convenience. Discussions about trading platforms' future and how they will affect market dynamics have been sparked by this observation.
Notably, the current price of Ethereum is $2,520, indicating a 0.05% decrease over the last day. The cryptocurrency has begun to show signs of consolidation.
As of August 20, it was moving sideways against the backdrop of zero net flows in Ethereum ETFs. A 9.42% increase in derivatives volume and a 0.24% increase in futures open interest suggest that investors are still interested in the market despite the current price stagnation.
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