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.
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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.
