Ethereum Whales Shift Strategy: Selling or Redistributing ETH
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Vitalik Buterin and Ethereum Foundation’s Recent Moves
Ethereum’s co-founder, Vitalik Buterin, has also made headlines with his ETH transactions. Over the last two years, Buterin has moved more than 840,000 ETH, with recent sales amounting to around $1.8 million. Despite the significant transactions, Buterin clarified that these moves were largely for charitable purposes, denying any personal profit motives. He has also pledged not to invest in new Layer-2 solutions or tokens for his own financial gain.
In parallel, the Ethereum Foundation has transferred 35,000 ETH (worth over $94 million) to exchanges, sparking concern among the Ethereum community. These actions raised questions about the Foundation’s transparency and resource management, especially as the market faces heightened volatility.
Impact on Ethereum’s Price
The selling pressure from both Ethereum whales and prominent figures like Buterin has contributed to Ethereum’s price struggles. Following a strong recovery, Ethereum faced a significant sell-off on September 7, with large holders like Metalpha moving substantial amounts of ETH to exchanges. These moves have added bearish pressure to the market, as ETH’s price remains vulnerable.