Ethereum Co-founder Vitalik Buterin Transfers $1.64M Worth of ETH to Bitstamp
An address linked to Ethereum co-founder Vitalik Buterin has transferred 1,000 ETH tokens, valued at approximately $1.64 million, to the popular cryptocurrency exchange Bitstamp, according to on-chain analytics firm Lookonchain. This is not the first time Buterin’s wallet has been active. Over the past two months, the same address has deposited a total of 4,400 ETH into Bitstamp, amounting to approximately $7.23 million.
Significant Transactions Involving Buterin’s Wallet
Lookonchain also reported that this address received a substantial influx of 70,000 ETH from a wallet labeled “Vb3,” which is widely believed to be connected to Vitalik Buterin himself. Just a few weeks ago, Buterin made another notable transaction when he moved around $1 million worth of Ethereum to Coinbase, similar to a move he made in August when he sent 600 ETH to the same destination for selling purposes.
Ethereum Remains Stable Despite Wallet Activity
Despite these transactions involving Buterin’s wallet, Ethereum’s market price has remained relatively stable. This stability can be attributed in part to a broader trend observed by Santiment, which revealed a significant withdrawal of 110,000 ETH from centralized exchanges on Wednesday. As a result, the total Ethereum supply on exchanges has dropped to its lowest point in over 5.5 years, while the non-exchange ETH supply has reached a historic high of 115.88 million ETH.
Hot Take: Ethereum Resilient After Challenging Week
Ethereum has demonstrated remarkable resilience following a challenging week. In the past 24 hours, it has rebounded by approximately 1.24% and is currently trading at $1,641. Despite the activity in Buterin’s wallet, Ethereum’s market price has remained stable, likely due to the significant withdrawal of ETH from centralized exchanges.
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