Ethereum Co-Founder Vitalik Buterin Transfers $3.94 Million Worth of ETH to Crypto Exchanges
Ethereum co-founder Vitalik Buterin has reportedly transferred 400 ETH to Coinbase, worth $632,000, resulting in a total transfer of $3.94 million worth of ETH to various crypto exchanges in September alone. This information was revealed by blockchain analytics firm Spot on Chain. According to their data, Buterin has deposited a total of 2,421 ETH to multiple centralized exchanges (CEX) over the past 10 days.
The breakdown of fund transfers shows that Buterin sent 721 ETH, worth $1.159 million, to Kraken and Coinbase exchanges. Additionally, 321 ETH were transferred to Kraken between September 15 and 19. Buterin also moved 1,700 ETH to Bitstamp and Paxos between September 17 and 20.
In early September, Buterin sold 500 Maker tokens (MKR) for Ether. This marked the first time he had sold Maker tokens in two years. These transfers have sparked speculation about Buterin’s intentions within the industry.
ETH Price Slump
While Ether has seen a significant increase in trading volume with a raise of 116.57%, its price has experienced a slump of 1.01% in the past 24 hours. At the time of writing, Ether is trading at $1,576.
According to Glassnode Alerts, Ethereum’s gas usage has decreased and reached an eight-month low of 16.515 gwei. Gas refers to the fee users pay to process transactions or use smart contracts on the Ethereum network.
Hot Take: What Does Buterin’s Transfer Mean for Ethereum?
Vitalik Buterin’s recent transfers of ETH to various crypto exchanges have raised questions about his intentions. Some speculate that he may be diversifying his holdings or preparing for a market event. However, without further information from Buterin himself, it is difficult to determine the exact reasons behind these transfers. Nevertheless, the market will continue to closely monitor Buterin’s actions for potential insights into the future of Ethereum and its price movement.
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