Buterin’s 500 ETH Transfer to Coinbase Sparks Market Speculation

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Buterin’s ETH Transfer Raises Questions

A recent movement of 500 Ethereum (ETH) by Ethereum co-founder Vitalik Buterin has sparked speculation in the crypto community. The transaction was made from the account “vitalik.eth” to the crypto exchange Coinbase.

Selling Pressure or Just Charity?

Typically, large transactions from influential investors or so-called “whales” to exchanges cause unrest among market participants. The reason for this is the widespread assumption that these assets are likely to be sold, which could exert downward pressure on the asset.

In this case, however, Buterin could be using Coinbase’s institutional custody services to secure his holdings or stake them for reward collection.

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Buterin’s Explanation

Amid the speculations about the true intentions behind these movements, a previous clarification by Buterin was discussed again. About two months ago, he said in a discussion on the decentralized social app Warpast: “If you see an article that says ‘Vitalik sends XXX ETH to [exchange]’, I’m not actually selling, but almost always donating to a charity or a non-profit project, and the recipient sells because they obviously have to cover costs.”

ETH Price Development and Whale Activity

At the time of publication, ETH was trading at $2,209 according to CoinMarketCap, a 24-hour loss of 1.49%. Ethereum whales have been active in the last two days, which was reflected in an increase in transactions worth more than $1 million.

In addition, the amount of ETH transferred to exchanges also increased. When considering these two indicators together, it seems that ETH whales have actually realized profits, which has led to some selling pressure on the asset.

Sources

The information in this article is based on data from AMBCrypto and Santiment.

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