- A wallet linked to Vitalik Buterin sold 760 ETH, adding $1.835M USDC to the bearish ETH market pressure.
- The Ethereum Foundation has continued its ETH selling spree, aligning with the launch of spot Ethereum ETFs.
- Despite ETH sales, Buterin denies selling for personal profit, stating funds go to charities or non-profits since 2018.
A multi-signature wallet associated with Ethereum co-founder Vitalik Buterin has been selling off its ETH holdings, according to recent data from Arkham Intelligence and Spot On Chain.
The wallet began selling after receiving 3,800 ETH, valued at approximately $9.99 million, from Buterin’s related wallets on August 9 and 30. So far, the wallet has sold 760 ETH for 1.835 million USDC, averaging around $2,414 per ETH. The most recent sale occurred on September 8, contributing to the broader selling pressure on Ethereum.
Ethereum Foundation’s Continuous ETH Sell-Off
Alongside the wallet linked to Buterin, Ethereum Foundation wallets have also been actively selling ETH. This selling spree coincided with the introduction of spot Ethereum ETFs, which may have influenced recent market movements.
Over the past few hours, data from Arkham Intelligence reveals that these wallets have transferred significant amounts of ETH, adding to the selling pressure on the cryptocurrency. As a result, the price of ETH experienced a decline to $2,150 last week, partially recovering but still under bearish sentiment.
Vitalik Buterin Denies Dumping Rumors
Despite the ongoing sales from wallets linked to him, Vitalik Buterin recently denied rumors of selling ETH for personal profit. He clarified that since 2018, he has not sold ETH for personal benefit, stating that any sales were directed to charities, non-profits, or other projects, where the recipients sold the ETH to cover operational costs. However, the recent selling activity from a multi-signature wallet associated with him suggests an ongoing shift in strategy or portfolio reallocation.
Market Reacts to Continued ETH Sales
The market sentiment surrounding Ethereum remains largely bearish as selling activities continue from both the Ethereum Foundation and wallets linked to Vitalik Buterin. Notably, the combined selling activities have raised concerns among investors, particularly as Ethereum struggles to boost its revenue amid these sell-offs.
The steady offloading of ETH by Buterin-associated wallets and the Foundation reflects a broader trend that has impacted Ethereum’s market performance, casting uncertainty over its near-term outlook.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
