Vitalik Buterin transferred $1 million in ether to Coinbase
Vitalik Buterin, co-founder of Ethereum (ETH), recently made a significant transaction worth $1 million by transferring 600 ETH to Coinbase exchange's wallet. Speculations about Vitalik selling his holdings emerged online, and indeed, the day after the news broke, the price of Ether dropped by 10%, reaching $1,638 at the time of writing.
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Vitalik selling his holdings has been a pattern in the past. According to on-chain data analysis, on Monday, August 21, Vitalik transferred around $1 million worth of 600 ETH to the Coinbase wallet. At the time of writing, the wallet balance stands at 3,933 ETH (valued at approximately $6.5 million before the decline).
Typically, when large cryptocurrency investors move their assets to exchange wallets, it may indicate their intention to sell them off. Based on previous on-chain data analysis, after Vitalik Buterin conducted a sale transaction worth $283 million on April 19 this year, the price of Ether dropped by 13% within a week.
It is worth noting that within the next 48 hours, the price of Ether started oscillating and dropped from $2,102 to $1,840. Additionally, in 2021, another address associated with Vitalik (currently holding 248,027 ETH valued at around $4.15 billion before the decline) exhibited a similar pattern. On November 5, 2021, Vitalik conducted a series of significant transactions totaling $1.95 billion. Meanwhile, Ether lost its all-time high of $4,890 and has yet to recover.
According to comprehensive exchange market depth data from IntoTheBlock, the bullish sentiment still dominates, with holders' buy orders significantly outnumbering sell orders. The market depth chart reveals that the bullish side currently holds buy orders for 277,690 ETH, far exceeding the sell orders for 145,000 ETH. This indicates that despite Vitalik cashing out $1 million in significant funds, the demand for Ether in the market remains stable.
