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Ethereum co-founder Vitalik Buterin has transferred approximately $10 million worth of Ether (ETH) to crypto exchange wallets in August, as tracked by Lookonchain. This follows data from Arkham Intelligence, which shows that since 2015, Buterin’s Ether address has seen outflows totaling around 422,000 ETH, valued at $1.04 billion as of September 1, 2024. Over the last two years, over 840,000 ETH have moved from this address.
These transactions have sparked speculation that Buterin might be selling his Ether holdings to capitalize on gains, especially given that Ether’s current price is 180% higher than its 2022 low of $885.
However, Buterin has refuted these claims. On August 31, he stated, “I haven’t sold ETH for profit since 2018.” He explained that his Ether transfers since 2018 have been directed towards supporting various projects he values, either within “the Ethereum ecosystem or broader charity.”
Coinciding with Buterin’s transfers, 84,000 ETH worth over $207 million were moved from the official Ethereum Foundation address to crypto exchanges. The Ethereum Foundation regularly liquidates parts of its ETH holdings to support development, research, and other key initiatives.
Large transfers of Ether can sometimes influence short-term market dynamics, as investors may perceive them as signs of increased selling pressure. For example, a notable transfer by the Ethereum Foundation of 20,000 ETH to Kraken in November 2021 occurred just before Ether’s price peaked and subsequently fell by 85%.
Not all sales by the Ethereum Foundation have led to market downturns, however. A sale of 100,000 ETH in December 2020 preceded a 630% rally in Ether’s price, bolstered by the launch of Ethereum’s Beacon chain and a general rise in risk-asset demand due to expansive U.S. monetary policy.
Interestingly, the timing of Buterin and the Ethereum Foundation’s recent Ether sales aligns with the Federal Reserve’s plans to cut interest rates and a slowdown in outflows from spot Ethereum exchange-traded funds (ETFs).
From a technical analysis perspective, Ether is currently trading within the range defined by its 50-week (red) and 200-week (blue) exponential moving averages (EMA).

Vitalik Buterin Denies Allegations of Selling His ETH For Profit

Crypto Intelligence

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