Vitalik Buterin’s linked multi-signature wallet is reportedly on a selling spree amid the ongoing Ethereum (ETH) price decline. Recently, the Ethereum co-founder revealed that he had not “sold” ETH for personal benefit since 2018. However, it was almost always donated to a charity, non-profit organization, or other projects.
Ether has been dealing with liquidity issues since the launch of ETH exchange-traded funds (ETFs). The liquidity of Ether pairs on US-based centralized exchanges has dropped 20% with an average 5% market depth, falling to $14 million. It has dragged the ETH price down by 6% in the last 7 days.
Vitalik linked wallet is in selling mode
As per the data shared by Spot On Chain, the multi-sign connected to the Ethereum co-founder is on a selling streak since it received around 3,800 ETH (approx. worth $10 million). Buterin had moved these tokens on August 9 and August 30.
It mentioned that the wallet is cashing out, selling 760 Ether for 1.835 million USDC, with an average price of about $2,414. The recent sale happened on September 8. This comes as ETH is dealing with high selling pressure, with broad crypto market printed red indexes.
The on-chain tracker highlighted that the Ethereum Foundation has joined in the selling spree. It sold 450 ETH for 1.029 million DAI. The foundation has sold 550 Ether (approx. worth $1.28 million) in the last 4 days at an average price of $2,324.
🚨🚨 After Vitalik, the Ethereum Foundation is the next to sell $ETH!
Just 10 minutes ago, the #EthereumFoundation sold 450 $ETH for 1.029M $DAI.
In total, they’ve sold 550 $ETH ($1.28M) at an average price of $2,324 in the past 4 days.
Follow @spotonchain for more updates… https://t.co/d2bP0WLo9C pic.twitter.com/cjgFvMeOvw
— Spot On Chain (@spotonchain) September 9, 2024
Ether price dropped by more than 6% in the last 7 days and 25% over the past 60 days. The biggest altcoin recorded marginal recovery on Monday. ETH is trading at an average price of $2,321 at press time. Its 24-hour trading volume is up by 31%, standing at $12.4 billion.
Another wave of selling pressure?
Vitalik Buterin had clarified his stance on Layer-2 (L2) tokens and ETH transfers. In a recent X post, Buterin revealed he hasn’t sold ETH for personal gain since 2018. All sales have been to support projects he believes are valuable.
Buterin extends this stance to L2s and other project tokens and vows that proceeds from any token sales will go towards public goods within the Ethereum ecosystem or broader charity. He plans to avoid investing in L2 tokens or other project tokens in the foreseeable future and instead aims to support valuable projects directly.
Ethereum co-founder addressed suggestions to invest in positive externalities and use profits for good, stating there are better ways to leverage giving money. Arkham Intelligence reported that 422K ETH (~$1.04B) has been transferred from his wallet since 2015, with 840K ETH moved in the last two years.
