Vitalik Buterin, co-founder of Ethereum, has once again captured attention with recent large-scale Ethereum transactions, fueling fresh debates about his intentions and the implications for ETH.
Recent data from Lookonchain reveals that Buterin moved 800 ETH, worth around $2.01 million, into a multisig wallet. Shortly after, he swapped 190 ETH from this wallet for 477,000 USDC, a stablecoin tied to the U.S. dollar. This follows an earlier transaction on August 9, where Buterin transferred 3,000 ETH, valued at about $8.04 million, to the same wallet.
These actions have reignited discussions within the Ethereum community about the asset’s role as a store of value, particularly concerning significant sell-offs by major holders, known as “whales.”
Additionally, the Ethereum Foundation’s recent transfer of 35,000 ETH, worth $94 million, to Kraken has sparked scrutiny over the organization’s ETH management. Aya Miyaguchi, Executive Director of the Foundation, addressed these concerns by stating that the transfer was part of routine treasury operations to fund expenses like grants and salaries requiring fiat currency.
In response to these debates, Buterin revealed on X that roughly 90% of his personal wealth is in ETH and that he receives a monthly salary of $140,000 from the Ethereum Foundation. Since January 2021, the Foundation has sold more than 239,000 ETH, totaling $654 million. In July, a Foundation-linked wallet moved over $290 million in ETH after a seven-year dormancy.
Crypto enthusiasts closely monitor whale activity due to its potential impact on market dynamics and asset valuations. Currently, ETH is trading at $2,526, experiencing minor fluctuations between $2,503 and $2,593 in the past day. This represents a 0.8% decline from the previous day and a 5.7% drop over the week. Over the past month, ETH has decreased nearly 24%, with a market capitalization of $303.8 billion. Buterin’s 240,171 ETH holdings are valued at approximately $606.6 million.
As these transactions unfold, their effects on Ethereum’s market stability and value continue to be a focal point of interest.
