- Recent market uncertainty has brought a significant exchange deposit from Ethereum’s Vitalik Buterin into focus.
- The transfer adds to the Ethereum co-founder’s rising year-to-date exchange deposits.
- Despite recent speculation, the price of ETH suffered minimal impact.
After a largely positive run in 2023, the crypto market is currently faced with uncertainty. Over the past week, leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen their price slide 11.3% and 9.7%, respectively, per data from CoinGecko at the time of writing.
Given the growing uncertainty, it is hard to blame investors for growing increasingly concerned when a perceived industry leader, Vitalik Buterin, also appears to be selling his crypto holdings.
Buterin’s Exchange Deposits Climb to $4.37M
On Monday, August 21, on-chain data revealed that Ethereum co-founder Buterin transferred 600 ETH (worth approximately $1 million at the time) to Coinbase.
Unsurprisingly, the Coinbase deposit raised eyebrows within the crypto community, with many speculating that the Ethereum developer intends to sell the sum.
With the Coinbase transfer, Buterin has bumped his exchange deposits from $3.37 million to $4.37 million year-to-date, per Arkham Intelligence data. The data shows that Kraken is typically the Ethereum co-founder’s exchange of choice, with Buterin having sent $3.12 million worth of crypto assets to the platform since the start of 2023.
Despite the speculations surrounding Buterin’s latest ETH transfer, it is worth noting that there has been minimal impact on the asset’s price. ETH is trading for $1,665.4 at the time of writing, representing a negligible 0.4% decrease over the last 24 hours.
According to Lookonchain, Buterin’s latest Coinbase deposit followed the closing of a Maker lending position on Sunday, August 20. Per the data, the Ethereum co-founder had repaid 251,000 RAI on Maker, releasing 1,000 ETH (worth roughly $1.67 million at the time).
Before Monday’s transaction, Buterin’s last exchange deposit was a 200 ETH (approximately $380.23K) transfer to Kraken in May 2023.
On the Flipside
- It is still unclear what Buterin intends to do or has done with the ETH deposited on Coinbase.
- Buterin’s Coinbase deposit does not appear to have impacted the price of ETH.
- The address tied to the Ethereum co-founder still holds 3,935 ETH (worth approximately $6.54 million) per Arkham data at the time of writing.
Why This Matters
Moves and transactions from crypto industry leaders like Vitalik Buterin are sometimes known to influence market sentiment, triggering buying sprees or sell-offs.
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