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The recent sales are part of a larger strategy revealed in late January aimed at financing ecosystem growth and other projects.
Vitalik Buterin increases ether sales in a sluggish market. (Wikipedia Commons/CC BY-SA 4.0/Modified by CoinDesk)
Key points:
- Ethereum co-founder Vitalik Buterin has disposed of 1,869 ether valued at approximately $3.67 million over a span of two days, exerting additional pressure on an already struggling market.
- The recent sales are part of a larger strategy unveiled in late January aimed at funding ecosystem growth and other projects.
Ethereum’s founder, Vitalik Buterin, is liquidating ether (ETH) valued in the millions, contributing to the bearish sentiment in a faltering market.
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Buterin has sold 1,869 ether, amounting to $3.67 million, within two days, having withdrawn 3,500 ether from Aave, as per data monitored by blockchain tracker Lookonchain.
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The price of ether has dropped nearly 3% over the last 48 hours, reaching a 20-day low of $1,844 at one point early Monday, according to CoinDesk data. The token has been in a downward trend since peaking at over $4,900 in August of the previous year.
Since February 2, Buterin has reportedly sold nearly 8,000 ether. These transactions follow a January 30 announcement regarding his intention to withdraw and liquidate his 16,384 ether to support ecosystem development, open-source software, and other significant initiatives while the Ethereum Foundation enters a “mild austerity” phase.
As of this writing, Buterin reportedly retains over 224,000 ether, with a value of $429 million, based on information from Arkham Intelligence.
While Buterin has been reducing his holdings, this supply is being acquired by individuals such as ShapeShift Founder Erik Voorhees and a whale linked to the crypto services firm Matrixport.
