Ethereum Creator Reacts to 66% Drop in ETH Holdings
Ethereum co-founder Vitalik Buterin has been actively engaged in on-chain activities, drawing attention from the crypto community, particularly Ethereum enthusiasts. Buterin’s consistent selling of Ethereum has sparked discussions on his long-term perspective on the cryptocurrency.
In August, Buterin made notable transactions, including selling 5,000 ETH to support other projects and charitable causes. The transfer of 1,000 ETH each on August 27 and 30 into a multi-signature account raised questions about his commitment to Ethereum. Notably, Buterin received 700,000 ETH from mining activities during Ethereum’s early phase, but currently holds only 240,171 ETH, representing 44% of his 2021 holdings.
The recent sales saw 5,000 ETH leaving Buterin’s wallet in August, with a previous transfer of 3,000 ETH to the same multi-signature account on August 9. This ongoing selling activity has concerned some in the Ethereum community, leading to debates about Buterin’s dedication to Ether and the project’s future.
Critics have pointed out that Ethereum’s core developers, including Buterin, have not actively promoted the project, raising doubts about their belief in Ether as a store of value or programmable money. These concerns existed even before the US Securities and Exchange Commission’s scrutiny of Ethereum’s status as a security or commodity.
Responding to speculations, Buterin clarified that he has not sold any Ethereum for personal profit since 2018. He emphasized that his sales were aimed at supporting valuable projects within the Ethereum ecosystem and charitable initiatives. Despite earlier comments questioning Ethereum’s store of value status, Buterin reaffirmed his belief in the asset by holding 90% of his portfolio in Ethereum.
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