Vitalik Buterin’s Wallet Sells Another 190 ETH, What’s the Big Picture Behind the Moves?

• Vitalik Buterin’s linked wallet has sold 950 ETH since August, raising questions about his motives amid market uncertainty.
• Ethereum co-founder Buterin denies selling ETH for personal profit, attributing sales to charitable and project-related needs.
• The wallet’s ongoing ETH sales, averaging $2,396 per ETH, contribute to market pressure, with Ethereum’s price under bearish trends.

A wallet associated with Ethereum co-founder Vitalik Buterin has continued its selling streak, offloading another 190 ETH worth approximately $441,971 in USDC. This latest transaction occurred within the past hour, according to data from Lookonchain. The wallet had initially received 3,800 ETH, valued at around $9.8 million, in two separate transfers from Buterin’s related wallets in August. 

Since the transfers, the wallet has sold a total of 950 ETH, amounting to approximately $2.28 million in sales. This recent sell-off has triggered questions among the market, wondering whether this is part of a larger trend or a routine reallocation of assets.

Ongoing Sales Spark Market Speculation

Since late August, the wallet has conducted a series of ETH sales. The 950 ETH sold thus far represents about 25% of the initial balance, leaving large amounts of Ethereum still under the control of the wallet. The average sale price for these tokens has been reported at around $2,396 per ETH. Notably, there have been three sales within the past week alone, contributing to increased selling pressure on Ethereum’s price.

These developments follow recent data from both Arkham Intelligence and Spot On Chain, which indicated that the wallet received its large ETH deposit in two transactions on August 9 and August 30. Market participants have been closely monitoring these movements as they continue to evaluate the potential impact on Ethereum’s short-term outlook.

Vitalik Buterin Denies Personal Profit Motivation

Despite the ongoing sales, Buterin has publicly addressed concerns surrounding his involvement in ETH sell-offs. He clarified that he has not sold Ethereum for personal profit since 2018. According to Buterin, any ETH sales linked to his wallets have been directed to fund charities, non-profit organizations, or other projects. These entities typically liquidate the ETH to meet their operational needs.

Still, the continued sales from wallets linked to Buterin have fueled uncertainty in the market, with some speculating on possible motives beyond charitable donations or portfolio adjustments.

Market Reactions and Investor Sentiment

The sell-off coincides with broader bearish sentiment surrounding Ethereum. As Ethereum’s price remains under pressure, some investors are becoming increasingly cautious. Ethereum’s recent trading volume has decreased by 12.82% over the past 24 hours, with the current price trading around $2,326.58 at press time. The wallet’s consistent offloading of ETH continues to shape market dynamics, with investors carefully observing these moves for further indications of Buterin’s strategy.