Ethereum

2024

WETH

when

TRON

Ethereum co-founder Vitalik Buterin made a fresh crypto move on Friday by moving 800 Ether to a multi-signature wallet. The reason behind the transaction remains unclear. However, his move comes at a time when ETH is dealing with high selling pressures and consistent liquidity outflow from ETH ETFs.
<a href="https://www.cryptopolitan.com/ether-jumps-etfs-break-days/" rel="noopener noreferrer nofollow">Ether price</a> has dropped by more than 5% in the last 7 days as bearish sentiments try to take over the market. The total value locked on the Ethereum chain has also taken a hit of over 20% in the past month.
<h3 id="span-style-font-weight-400-vitalik-buterin-transfers-800-ether-span">Vitalik Buterin transfers 800 Ether</h3>
As per the <a href="https://x.com/PeckShieldAlert/status/1829410830930071804" rel="noopener noreferrer nofollow" target="_blank">data shared</a> by PeckShieldAlert, the Vitalik Buterin-linked address transferred 800 (worth approximately $2 million) to a multi-signature wallet. The Ethereum co-founder had moved 3,000 ETH (worth approximately $8 million) to the same wallet earlier. 
The report added that the wallet has supplied 1,900 Ether to AAVE and swapped 190 ETH tokens for 477.3K USDC.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#PeckShieldAlert</a> Vb 2 (<a href="https://twitter.com/hashtag/vitalik?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#vitalik</a>) -labeled address has transferred 800 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a> (worth ~$2m) to GnosisSafeProxy 0xfEB0…03B2 The GnosisSafeProxy 0xfEB0…03B2 has supplied 1,900 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a> to <a href="https://twitter.com/hashtag/AAVE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#AAVE</a> &amp; swapped 190 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a> for 477.3K <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$USDC</a> <a href="https://t.co/o0z1AmCjiK" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/o0z1AmCjiK</a>
 — PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1829410830930071804?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">August 30, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&nbsp;
This is not the first time that Buterin has made such transfers. On August 19, he transferred 400 ETH (worth approximately $1.06 million) to a new wallet. 
Additionally, he sent 1 ETH to Railgun, a crypto mixer known for enhancing user privacy. Buterin had earlier said that he had not sold a part of his Ether holding for personal gain since 2018 and had always donated it to a charity or non-profit organization.
<h3 id="span-style-font-weight-400-eth-price-down-by-33-in-90-days-span">ETH price down by 33% in 90 days</h3>
After the recent transaction, Buterin’s primary Ethereum address now holds 52.5 ETH (worth approximately $132K). This address also holds over $638K amount of funds divided into over 401 different tokens.
The wallet that received 800 ETH from Buterin holds six different tokens. It includes 1,900 aEthWETH (worth approximately $4.78 million) and 1,710 WETH (worth approximately $4.31 million).
The unexplained move happens at a time when ETH price is on a constant decline and has failed to regain the $2,600 price level. 
ETH price has dropped by over 33% in the last 90 days. However, it still is up by 10% on a year-to-date basis. It will be crucial to see if it can maintain the lead for a longer time frame. Ether is trading at an average price of $2,526 as of press time. Its 24-hour trading volume is down by 18% to stand at $14 billion.
Per <a href="https://defillama.com/chains" rel="noopener noreferrer nofollow" target="_blank">DefiLlama data</a>, Ethereum’s TVL has dropped by 5% in the last 7 days and 20% over the past month to stand at $57 billion. TRON is now the second-largest chain in the TVL rankings with $8.23 billion.

Vitalik Buterin moves 800 Ether amid price dip; Why?

Table of Contents

Cryptopolitan_News

Other articles published on Aug 30, 2024

Web3 Payment Platform Bridge Raises $58M to Transform Global Payments with Stablecoins

AI-Tokens Face Huge Rejection: Here’s What’s Next for NEAR, RENDER, INJ, AKT & GRT Prices

Empower Your Trading Journey at the Davao Traders Fair 2024: A Transformative Experience

China Recognizes "Virtual Asset" Transactions in New AML Law Interpretation Amid Crypto Unban Rumors

Forget About BNB and Ripple (XRP) Potential, Invest $100 in DTX Exchange and Watch It Turn Into $...

Bitcoin Whale Moves $472M, Amid Recent Price Dip below $58K

Join our free newsletter for daily crypto updates!