Vitalik Buterin sells his cryptos: ETH goes backwards!

Vitalik Buterin, whose crypto portfolio is worth around 244,000 ETH, has recently disposed of several thousand tokens. No explanation for this voluminous transfer of cryptocurrencies from the Ethereum co-founder. Would he need them to develop other projects? Or simply to cover personal expenses? No one knows what he’s up to. Crypto-enthusiasts are panicking. Let’s find out!

In brief:

• Vitalik Buterin has just transferred 31,000 ETH to Bitstamp and other addresses
• 10 days ago, he already sent 300 ETH to Coinbase
• The prince of cryptos dropped to $1,637.94 on the occasion, or -0.09%

31,000 ETH out of Vitalik Buterin’s crypto wallet

Ten days ago, Vitalik Buterin’s crypto wallet saw a voluminous transfer of ethers. Specifically, on August 21, the Ethereum co-founder sent 600 ETH to Coinbase. He offered no explanation for this initiative. As a consolation, the crypto community engaged in speculation as to the reasons for this transfer.

#PeckShieldAlert Vitalik-related address (0xD04d…8fd7) recently transferred ~999 $ETH (equivalent to ~$1.64M) to address 0x5567…31B1 ~20 days ago, this address 0x5567 previously received ~1,701 $ETH from Vitalik-related address (0xD04d…8fd7) and subsequently moved these funds… pic.twitter.com/n7jrKotsXq

— PeckShieldAlert (@PeckShieldAlert) September 4, 2023

Earlier this morning, PeckShieldAlert revealed another ETH transaction by Vitalik Buterin. The amount designated by Coin Edition leaves crypto analysts baffled: 31,000 ETH.

Multiplying this amount by the current ether price, $1,633.87 on CoinGecko, gives us $50.623 million.

As usual, cryptocurrency investors have shown their concern over this dubious transfer.

What are the reasons for these ETH crypto transfers?

According to U°Today, these spaced-out exercises don’t actually represent anything serious. The most plausible theory is “portfolio diversification”. In other words, Vitalik Buterin is cleaning up his own financial ecosystem.

And if this isn’t the case, we can’t rule out the theory that he’s developing a new project or cashing in his crypto holdings.

What if he’s trying to establish new strategic partnerships? Or preparing for future rounds of financing?

“It’s like he’s planting seeds, but we don’t yet know what kind of forest he wants to grow,” reads the columns of this crypto media outlet.

Lastly, analysts have suggested that Vitalik Buterin is being forced to transfer ETH en masse in order to create positive ripples in the cryptocurrency market. In other words, the decline in bitcoin, as well as ether, won’t last as long as druids like Buterin are around.