Vitalik Buterin’s wallets have sold 760 ETH for $1.835 million at an average price of $2,414 per ETH.
Ethereum wallets affiliated with Vitalik Buterin and the Ethereum Foundation have been on a significant selling binge, resulting in continual pressure to sell Ethereum. Over the course of the previous week, the price of ETH fell to $2,150 before slightly recovering in the midst of the massive sell-off.
Ethereum Foundation and Vitalik Buterin-Linked Addresses on Selling Spree
According to the most recent observations made by Arkham Intelligence, the Ethereum Foundation wallet has been transferring a significant amount of ETH over the course of the last few hours.
Since the introduction of spot Ethereum exchange-traded funds (ETFs), the Foundation has been continuously selling ETH. On the other hand, wallets connected to Vitalik Buterin, who was one of Ethereum’s co-founders, have been going through a period of intense selling.
Spot On Chain, which has received significant Ethereum transfers from Vitalik Buterin, reports that a multi-signature wallet is currently selling its stocks. After receiving 3,800 ETH from Buterin in two separate transactions on August 9 and August 30, the wallet has been gradually selling off its assets.
The total value of these transactions is roughly $9.99 million. Even though Vitalik Buterin’s Ethereum holdings have decreased, he rejected the dumping rumors that were going around last week.
As of right now, Buterin’s wallet has sold 760 ETH for a total of 1.835 million USD, with an average price of $2,414 USDC for each ETH. The most recent sale took place just twenty-one hours ago, following the pattern of selling off a sizeable percentage of the Ethereum holdings.
It is possible that bears of Ethereum will gain the upper hand as a result of this and the Ethereum Foundation’s sell-off. Alternatively, crypto hackers are also helping to ease ETH price pressure by sending their ETH to Tornado Cash. This is a form of cryptocurrency exchange.
Ethereum Whale Liquidations Surge Amid ETH Price Drop
Following the September 7 Ethereum price drop, an Ethereum whale sold about 28,554 ETH, valued at $64.4 million, to settle outstanding debts on the Aave platform.
During the period between December 18, 2023 and July 31, 2024, this whale had amassed around 30,500 ETH at an average price of $2,850. This whale suffered a massive loss of more than $17 million as a result of the liquidation.
According to the well-known cryptocurrency expert Ali Martinez, Ethereum whales ceased acquiring fresh ETH in the month of July and have been dispersing all of their holdings ever since.
The Ethereum Foundation and Vitalik Buterin are not the only prominent actors that have continued to sell up their Ethereum in recent times; other significant players have also done so. Metalpha made yet another huge investment to Binance by transferring 10,000 ETH worth $23 million.
This transaction took place exactly one hour ago. Metalpha has invested a total of 23,589 Ethereum, equivalent to approximately $54.1 million, into the exchange over the past three days.
The price of Ethereum is currently $2,291, and its market capitalization is now $275 billion. There is a possibility that Ethereum will suffer a drop below $2,000 before beginning a robust upward trend if the selling pressure continues.
