Ethereum Founder Vitalik Buterin Continues ETH Selling Spree

In brief

• On-chain data shows Ethereum founder Vitalik Buterin has sold thousands of ETH, or more than $6 million worth, in recent days.
• Buterin recently said he would offload ETH to help fund Ethereum Foundation initiatives.
• ETH is down about 4% in the last 24 hours, now changing hands around $1,872.

Ethereum founder Vitalik Buterin has been swapping thousands of ETH for stablecoins via decentralized exchange CoW Swap, on-chain data shows, continuing a recent trend of sales. Wallets labeled as belonging to Buterin by on-chain analytics firm Arkham Intelligence show routine swaps over the last few days totaling more than 3,100 ETH, or greater than $6.1 million.  The transactions bring his on-chain Ethereum holdings to just more than 224,000 ETH valued at $426 million at present time. 

Buterin’s latest string of sales come just a few weeks after he moved more than $29 million worth of Ethereum, at least $2.3 million of which was sold to help fund Ethereum Foundation initiatives.  In pursuit of an aggressive roadmap for the future of Ethereum, the co-founder previously telegraphed that he would be offloading around $44.7 million of the asset as the Foundation entered a period of “mild austerity” over the next few years.  Beyond the roadmap, Buterin said this period of austerity, or stricter economic policies that may reduce spending, also “ensures the Ethereum Foundation’s own ability to sustain into the long term, and protect Ethereum’s core mission and goals.”  The timing of the latest sales is not helping the price of Ethereum, which continues to flounder amid a broader crypto selloff. ETH is down around 4% in the last 24 hours and has now fallen below $1,900, recently changing hands at $1,872. It fell to a more than two-week low of $1,855 late Sunday.

At that mark, the second-largest crypto asset by market capitalization is now down more than 36% in the last month, and is over 62% from its August all-time high of $4,946.  Users on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—expect more pain ahead, penciling in a roughly 73% chance that Ethereum falls to $1,500 sooner than it can rebound to $3,000. Beyond the sales, Buterin has been outspoken about the future of the network in recent weeks. Earlier this month he suggested that Ethereum mainnet “needed a new plan” as it relates to its relationship with scaling blockchains, or layer-2 networks.  Last week, Buterin spoke in favor of a new censorship-resistant upgrade planned for the network, adding that Ethereum was “going hard,” and reaching back to create an ambitious “cyberphunk” ethos.