Ethereum Whale Alert: Co-founder Executes Large-Scale ETH Transfer, Here’s Where It Went

Mila August 30, 2024

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Ethereum whales are on the move once again, with thousands of ETH being transferred at a rapid pace in the past few days. One of the latest ETH whale transfers spotted recently was carried out by the project’s co-founder Vitalik Buterin, triggering speculations about the digital asset’s potential in the long term.

Another Huge Ethereum Move From Vitalik Buterin

In a significant move, crypto bull and Ethereum co-founder, Vitalik Buterin has executed a notable ETH transfer, which has raised eyebrows in the general sector. The large-scale transaction, which came from one of Buterin’s well-known wallets, has generated questions about its motive and possible ramifications on the value of the crypto asset.

According to reports from Lookonchain, a popular on-chain data platform, the transaction carried out by the Ethereum co-founder was over 800 ETH, valued at about $2.01 million, considering the current price of the altcoin.

This huge transfer was made to a multi-sig wallet address less than 3 hours ago. Meanwhile, a few minutes after the move, the proposed wallet address was seen swapping about 190 ETH, valued at $477,000 to the dollar-pegged USDC stablecoin.

Data from the on-chain tracker shows that the transaction marks the second time in the month of August alone. Lookonchain highlighted that the co-founder previously moved over 3,000 ETH, worth approximately $8.04 million during the time of transfer to the same wallet address on August 9.

It is worth noting that such actions by well-known individuals in the crypto sector like Buterin frequently lead to heightened scrutiny, especially in the midst of recent price fluctuations around Ethereum. Thus many are curious as to whether this transfer could indicate strategic maneuvers or more general market trends affecting ETH, as they keep an eye on these activities.

More ETH Whales Moves Amid Market Volatility

Vitalik Buterin’s transaction comes after several whale transactions in the past few days from unknown wallet addresses, drawing considerable attention within the cryptocurrency community.

Prior to the move, Lookonchain reported that a whale recognized as 0xbecd…D3Ad3 executed a significant transfer of ETH to the Binance platform, the world’s largest cryptocurrency exchange on Thursday. The whale was cited moving about 6,900 ETH at $17.87 million to the platform.

Furthermore, the on-chain tracker revealed that the whale has been withdrawing ETH since the beginning of the year, particularly between January 28 and May 28, with over 65,000 ETH moved across exchanges at the rate of $3,021.

Meanwhile, nearly two months after accumulating a substantial amount of the crypto asset, the whale began dumping the altcoin, selling about 21,865 ETH worth $67.24 million at an average price of $3,075.

These massive transfers come in light of negative price sentiment around Ethereum. According to CoinMarketCap, the altcoin’s price has fallen to $2,520, indicating a nearly 6% decline in the past week. The price decline has impacted investors’ optimism as its trading volume in the past day has decreased by 20%.