Cryptocurrency Founder’s Wallet Sells $2.2 Million in Ethereum in Less Than Two Weeks

A recent wallet transaction involving Ethereum co-founder Vitalik Buterin has stirred up discussions in the crypto community. In August, a wallet received a significant amount of 3,800 ETH from Buterin, only to later sell off a portion of it. According to Lookonchain, the wallet sold 190 ETH for $441,971 USDC on September 11. This initial sale was followed by further transactions, with 760 ETH being sold for $1.835 million USDC at an average rate of $2,414 per ETH.

Since August 30, the wallet has continued to offload its ETH holdings, with a total of 950 ETH being sold at the time of writing, amounting to approximately $2.28 million. These sell-offs raised suspicions within the community, with some speculating that Buterin was cashing out for personal gain. However, Buterin refuted these claims, asserting that the funds from the sales were directed towards supporting various projects and charitable causes within the Ethereum ecosystem.

Buterin clarified his stance in a post, stating, “All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity.” Despite this explanation, the recipient of Buterin’s latest transfer remains undisclosed.

In a parallel development, the Ethereum Foundation, responsible for advancing the Ethereum blockchain, has also been involved in notable transactions recently. The foundation reportedly sold 450 ETH for 1.029 million DAI on September 9, contributing to a total of 3066 ETH sold in 2024. While the foundation has not officially commented on the reasons behind these sales, insiders suggest that they were conducted to cover operational expenses.

The collective effect of these transactions has had a downward impact on Ethereum’s ETH price, with the leading altcoin experiencing a 13% decline over the past 30 days. This trend underscores the interconnected nature of crypto markets and the influence of significant transactions on price movements.

As the crypto community continues to monitor these developments, the implications of such transactions on market dynamics and investor sentiment remain subjects of ongoing discussion and analysis.