Vitalik Transfers $1,000,000 Worth of Ethereum to Coinbase Amid Fear of ETH Dropping to $1000
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Is the Ethereum price fall coming as Vitalik sends ETH to Coinbase?
On-chain data shows Ethereum founder Vitalik Buterin sent 600 ETH to Coinbase Exchange on 21 Aug 2023. As of this writing, the amount is roughly worth $1 million.
The Ethereum founder initiated the transfer from his wallet, Vitalik. eth, which was created in 2016.
Arkham’s Intelligence dashboard data confirmed the wallet, currently valued at $6.5 million during press time, belongs to Buterin. According to Arkham, the wallet contains $58,000 worth of Wrapped Ethereum (WETH) and $84,000 worth of USD Coin.
While this is not the first time Buterin has made a substantial transfer, the motive behind the transaction remains unclear. However, Glassnode _an on-chain data aggregator, has historically proven exchange inflows like this one often translate to market sell-offs.
Earlier in 2023, the Ethereum founder made a 200 ETH deposit to Kraken and dumped a few of his altcoins in exchange for 439 ETH.
Ali On-chian data experts fear Votalik may be cashing ETH as he anticipates an ETH dip to $1000.
@ArkhamIntel @VitalikButerin $ETH @coinbase
Data Shows ETH Whales are Dumping
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