Key Points
A wallet that received 3800 ETH from Ethereum co-founder Vitalik Buterin has reportedly sold over 950 ETH recently. According to Lookonchain, the wallet sold 190 ETH for $441,971 USDC on September 11.
Transactions Overview
The wallet initially received 3,800 ETH from Buterin last month. This included 3,000 ETH on August 9 and an additional 800 ETH on August 30. Shortly after, it sold 760 ETH for $1.835 million USDC at an average of $2,414 per ETH. It then continued with subsequent sales.
As of the time of writing, the wallet had sold a total of 950 ETH since August 30. This amounted to roughly $2.28 million. The transactions led to accusations that Buterin was selling ETH for profits. However, Buterin denied these claims. He stated that the funds were meant for supporting ecosystem development and philanthropic efforts.
Buterin said, “All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity.” He did not specify who the recipient of his latest transfer was.
In the meantime, the Ethereum Foundation has also made several notable transactions over the past months. The foundation recently sold 450 ETH for 1.029 million DAI on September 9. This brought its total sales for 2024 to 3066 ETH. While the Ethereum Foundation hasn’t officially commented on the rationale behind its recent ETH sales, insiders have suggested that these were intended to cover the foundation’s operational expenses.
The recent sales have exerted downward pressure on Ethereum’s (ETH) price. The leading altcoin is currently down 13% over the past 30 days.