Ethereum

<ul>
 <li>The transferred stash was worth more than a million at press time.</li>
 <li>Buterin’s earlier claims of transfers being related to charity started doing the rounds.</li>
</ul>
<a href="https://ambcrypto.com/search/Ethereum" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a> co-founder Vitalik Buterin moved 500 ETH, worth $1.08 million as of this writing, to crypto exchange <a href="https://ambcrypto.com/search/coinbase" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Coinbase</a>, fueling speculations in the crypto community about the intention of the transfer.
AMBCrypto scanned <a href="https://etherscan.io/tx/0x9eb5159f2ef2b9a80ed9bbb51e62aa0289812734d2f1292a140582ee7de0eb0f" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">on-chain data</a> and noticed movement of 500 ETH from address labeled “vitalik.eth” to a Coinbase custody wallet on 19th December.
<h4>Incoming sell-pressure or just charity?</h4>
Generally, influential investors or whales moving a large chunk of their stashes to exchanges triggers anxiety among participants.
This is because of the dominant belief that they are likely to be sold off, putting downward pressure on the asset. However, this is not always true.
In the current scenario, Buterin might be using Coinbase’ institutional custody services to secure his holdings or staking them to collect rewards.
Amidst the suspense around the real intentions behind the moves, an earlier clarification by Buterin started doing the rounds as well.
In a <a href="https://warpcast.com/vitalik.eth/0xb8ccf84d" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">discussion</a> on decentralized social app Warpast some two months ago, he had said,
<blockquote>
 “If you see an article saying “Vitalik sends XXX ETH to [exchange]”, it’s not actually me selling, it’s almost always me donating to some charity or nonprofit or other project, and the recipient selling because, well, they have to cover expenses.”
</blockquote>
Buterin’s explanation came in response to intense speculation following large movements of his Ethereum holdings to centralized exchanges back then.
<h4>Did whales liquidate their holdings?</h4>
However, the concerns of the ETH holders were not unfounded. At press time, ETH was exchanging hands at $2,209, per <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, with a 24-hour loss of 1.49%.
Ethereum whales were active over the last two days. This was evident as transactions worth more than $1 million spiked, according to AMBCrypto’s observation of Santiment data.
Read&nbsp;<a href="https://ambcrypto.com/predictions/ethereum-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ETH’s Price Prediction</a>&nbsp;2023-24
Moreover. the amount of ETH moving to exchanges also rose in the same time.
When the two indicators were examined together, it appeared that ETH whales did engage in profit-taking, resulting in some sell-pressure for the asset.
<div id="attachment_359598" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-11.28.28-20-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359598" decoding="async" class="size-full wp-image-359598" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-11.28.28-20-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-11.28.28-20-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-11.28.28-20-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-11.28.28-20-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-11.28.28-20-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-11.28.28-20-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-11.28.28-20-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>

Ethereum: Buterin’s ETH transfer has market questioning his motives

AMBCrypto

Other articles published on Dec 20, 2023

Ledger modifies security measures responding to security breach

Cardano (ADA) Foundation Announces Partnership Agreement with Brazil’s State-Owned Energy Company

Paranoid anti-vaxxers are buying fake COVID passes for bitcoin

Top Analyst Says Kaspa and These Altcoins Will 100x From Current Price

Cardano (ADA) Price Analysis 2024, Experts Reckon Retik Finance (RETIK) to give 20x Better Returns

John Lennon's Son Slams 'Bitcoin Ban Bill' by Senator Warren, Here's Key Reason

Join our free newsletter for daily crypto updates!