Vitalik Buterin shifted nearly half a million ETH to an unknown address, fueling speculation amid an 8% price increase.
Ethereum’s founder, Vitalik Buterin, has sparked numerous speculations in the broader crypto market by moving a significant amount of ETH today.
On-chain data reveals that 200 ETH, valued at $535,000, was transferred from an address associated with Buterin to an unknown wallet.
This transaction has created a stir among global market participants, with other major transactions by industry players following suit.
Vitalik Buterin Moves 200 ETH
As reported by PeckShieldAlert on X on August 9, an address linked to Vitalik Buterin (0xd8…) transferred 200 ETH, valued at $535,930.65, to an unidentified address (0xebb).
The reason behind this transaction remains unclear at this time.
Meanwhile, other entities, including Genesis and the Rain exchange hacker, also moved large amounts of crypto today.
The Rain crypto exchange exploiter transferred 721 ETH, worth $1.7 million, to the Tornado Cash coin mixer.
At the same time, data revealed that an address related to Genesis bankruptcy distributions sent a massive 10.7K ETH, valued at $28 million, to two new addresses.
These transactions, along with Vitalik Buterin’s transfer, have attracted additional attention, especially as the price of ETH has seen an unprecedented increase.
With only $2.9 million in outflows recorded in ETH ETFs as of August 8, the price surge has generated significant market optimism for the asset.
Ethereum’s Market Performance
Meanwhile, Ethereum’s price chart showed an 8.85% gain over the past day, trading at $2,657.16. Its 24-hour low and high were $2,414.25 and $2,721.95, respectively.
Data from Coinglass indicated a notable 15.05% increase in the coin’s open interest (OI) to $10.56 billion.
Additionally, the derivatives volume rose by 4.76% to $38.66 billion, signaling a market uptrend for Ethereum.
Moreover, it’s important to note that 206,000 ETH options are set to expire today, with a put-call ratio of 0.96. This represents a notional value of $560 million.
Also, Ethereum developers recently held a meeting to confirm the functionality of the Pectra Devnet 2 upgrade, leading to discussions about the asset’s ecosystem.
The Pectra Devnet 2 has achieved 85% network participation, though bugs in execution layer (EL) clients persist, presenting challenges to the upgrade.
