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- Vitalik Buterin, co-founder of Ethereum, transferred 600 ETH, approximately valued at $1 million, to Coinbase.
- Ethereum faced a notable decline of over 9.5% in the last week.
In an unexpected development during last week’s challenging cryptocurrency market, Ethereum’s co-founder Vitalik Buterin reportedly sent 600 ETH to Coinbase, one of the foremost cryptocurrency exchanges globally. This transaction took place following a sharp decline in the prices of major cryptocurrencies, including Bitcoin (BTC) and various altcoins, on August 18.
During this market downturn, Bitcoin’s price fell to $25,409, while Ethereum dropped significantly to $1,597. Amid this period of market volatility, the cryptocurrency community noted the transfer of 600 ETH by Vitalik Buterin to Coinbase. Data indicates that the value of the transferred ETH is estimated to be around $1 million.
vitalik.eth repaid 251K $RAI on #Maker and withdrew 1,000 $ETH($1.67M) yesterday.
Then deposited 600 $ETH($1M) to #Coinbase 5 hrs ago.https://t.co/pw8ekIYSs1 pic.twitter.com/rkJo42OSlq— Lookonchain (@lookonchain) August 21, 2023
In another update, Buterin repaid 251K $RAI on Sunday and withdrew Ether worth approximately $1.6 million. This activity was verified by the on-chain tracker, lookonchain. RAI may serve as collateral for other DeFi protocols due to its perceived stability compared to ETH or BTC, and it also includes an interest rate.
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While the precise motive behind the transfer of 600 ETH remains unclear, there is speculation that Buterin may have intended to sell the ETH.
Ethereum (ETH) Price Chart (Source: CoinMarketCap)
Ethereum (ETH) has managed to recover some of its losses and is trading in the positive range around $1,700. At the time of this report, Ethereum was priced at $1,670 with a 24-hour trading volume of $4.4 billion. Nevertheless, the largest altcoin has decreased by 9.5% over the past week.
Why did Vitalik transfer 600 ETH to Coinbase? Tweet us @The_NewsCrypto and share your insights.
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