Vitalik Buterin Moves Millions in Ethereum Sparking Debates About ETH Sales

Ethereum co-founder Vitalik Buterin has once again transferred a large amount of ETH, sparking fresh discussions within the crypto community.

According to a report from Lookonchain, Buterin moved 800 ETH with an estimated value of $2.01 million to a multisig wallet. Shortly after, 190 ETH from this wallet was swapped for 477,000 USDC, a stablecoin pegged to the U.S. dollar.

Is Buterin Offloading ETH?

This transaction follows a larger transfer Buterin made on August 9, where he shifted 3,000 ETH, worth about $8.04 million, to the same wallet.

These movements have reignited ongoing debates within the Ethereum community regarding the asset’s role as a store of value, particularly given concerns over large-scale ETH sell-offs by big holders, commonly referred to as “whales.”

The 30-year-old’s movements of funds also come amid rising speculation over the Ethereum Foundation’s handling of its ETH reserves. Barely a week ago, the organization moved 35,000 ETH, with a fiat value of $94 million, to Kraken, which prompted questions about the transparency of its operations.

At the time, Executive Director Aya Miyaguchi responded to the growing concerns by clarifying that the large transfer was part of the Foundation’s treasury management. The funds, she explained, were necessary to cover operational expenses, including paying grants and salaries, some of which require fiat currency payments.

Buterin also took to X to address the concerns directly, and in the process revealed that about 90% of his net wealth is in ETH. He also stated that he draws almost $140,000 as a monthly salary from the Ethereum Foundation.

According to Lookonchain, the EF has sold more than 239,000 ETH since January 2021 for a cumulative worth of $654 million. In July, a wallet linked to the organization transferred over $290 million in ETH after being dormant for seven years.

Keeping an Eye on Whales

Whale activity is regularly the focal point of discussion within the crypto community, as their action can often have consequences for the overall price and perception of an asset.

As such, on-chain analysts tend to keep a sharp eye on any movement of funds from such addresses, with Buterin’s known wallets being of particular interest.

At the time of writing, ETH was priced at $2,526, having spent the last 24 hours oscillating between $2,503 and $2,593. Its current level is a slight 0.8% drop on its position from one day ago and a 5.7% dip across the week.

Similarly, over 30 days, the asset is down almost 24%. The world’s second-largest crypto has a market cap of $303.8 billion, and its current price would put Buterin’s holding of 240,171 ETH at about $606.6 million.