Vitalik Buterin Maintains Stance: No Ethereum Sales Since 2018, Solely Supporting ETH Ecosystem
Ethereum co-founder Vitalik Buterin has recently addressed rumors circulating about his ETH holdings, stating that he has refrained from selling any ETH since 2018, unless the proceeds were directed towards ecosystem projects or charitable causes. Despite this assertion, there have been reports indicating that a sizable amount of ETH, valued at $10 million, was transferred to an exchange.
Various sources have disclosed movements of significant amounts of ETH from a wallet associated with Buterin over the years. Notably, 422,000 ETH, equivalent to $1.04 billion, was shifted between 2015 and September 2024, with 840,000 ETH being moved out in the last two years. An X user claimed that Buterin sold $2 million worth of ETH following a positive tweet, with Lookonchain confirming a subsequent transfer of 3000 ETH to the same address on August 9.
The timing of these transactions is noteworthy as ETH is currently trading approximately 180% higher than its 2022 low of $885. Interestingly, Buterin’s transfers coincided with those of the Ethereum Foundation, which moved 84,000 ETH ($207 million) to a crypto exchange in August. These Foundation transfers are reportedly part of periodic liquidations to fund development, research, and ecosystem projects, although experts suggest that such large-scale liquidations could induce short-term selling pressure.
Buterin also highlighted the distribution of $8.4 million in grants to ecosystem projects in the last quarter, mentioning Polymarket, USDC, and RAI as notable projects. However, he expressed reservations about business models incorporating liquidity farming, citing concerns about their long-term sustainability.
In response to criticisms that Ethereum overlooks the importance of Decentralized Finance (DeFi), Buterin defended the blockchain’s stance, with Kain Warwick noting his disagreement with Buterin’s perspective on DeFi. At present, ETH is trading at $2,508 after experiencing a 4% decline over the past week.