Transactions are part of a broader trend that has seen wallets associated with Buterin and the Ethereum Foundation actively sell large portions of Ether<\/a>. It is this aggressive selling that has added to the bearish pressure on Ethereum’s price, which lately slipped to the low $2,150 level before recovering slightly.<\/p>\n The wallet, according to reports, has been selling since it received Buterin’s ETH in two transactions on Aug. 9 and Aug. 30 totaling 3,800 ETH. In the wake of the two transfers, the wallet has sold 760 ETH for approximately 1.835 million USDC or roughly $2,414 per ETH.<\/p>\n The multi-signature wallet that got $ETH<\/a> from @VitalikButerin<\/a> is on a selling streak!<\/p>\n After receiving 3,800 $ETH<\/a> ($9.99M) from Vitalik on Aug 9 and 30, it\u2019s been cashing out, selling 760 $ETH<\/a> for 1.835M $USDC<\/a> at ~$2,414 per ETH. The latest sale happened just 21 hours ago.\u2026 pic.twitter.com\/ELcjpPSg4K<\/a><\/p>\n \u2014 Spot On Chain (@spotonchain) September 9, 2024<\/a><\/p><\/blockquote>\n The recent sale was made just 21 hours ago and has become a part of a streak of aggressive liquidations that have sparked speculations in the crypto community.<\/p>\n Buterin was even accused of “dumping” his ETH holdings, which he always publicly denied, claiming that funds go to support development in the Ethereum ecosystem and philanthropy. While he has been reassuring, the continuous sales from wallets attributed to him have greatly contributed to increased bearish sentiment among investors.<\/p>\n This selling is not a one-man activity carried out by Buterin; Ethereum Foundation<\/a> is also notorious for offloading huge quantities of ETH. According to reports, it has sold over 3,066 ETH this year alone.<\/p>\n Such sustained sales have raised questions about the whole Ethereum market’s health. According to analysts, sales such as these, together with large holder store reductions, have made life tough for ETH, struggling to hold its value.<\/p>\n Besides Buterin’s sell-offs, one of the largest Ethereum whales liquidated a total of 28,554 ETH in cash in order to pay back his debt on Aave, a decentralized borrowing platform.<\/p>\n That amount translates into approximately $64.4 million. This further added to the ETH sell-off pressure, making things even more complicated for ETH in the market.<\/p>\n These cumulative activities have stirred talks that this aggressive ETH sell-off might cause ETH to plunge even below $2,000 if it proceeds this way.<\/p>\n With the situation still developing, there are some calling for more transparency on Buterin’s part and that of the Ethereum Foundation with respect to how they are selling the cryptocurrency.<\/p>\n \ud83d\udea8\ud83d\udea8 After Vitalik, the Ethereum Foundation is the next to sell $ETH<\/a>!<\/p>\n Just 10 minutes ago, the #EthereumFoundation<\/a> sold 450 $ETH<\/a> for 1.029M $DAI<\/a>.<\/p>\n In total, they\u2019ve sold 550 $ETH<\/a> ($1.28M) at an average price of $2,324 in the past 4 days.<\/p>\n Follow @spotonchain<\/a> for more updates\u2026 https:\/\/t.co\/d2bP0WLo9C<\/a> pic.twitter.com\/cjgFvMeOvw<\/a><\/p>\nVitalik Buterin: Details Of The Withdrawal<\/h2>\n
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<\/p>\nBroader Market Implications<\/h2>\n
A Call For Transparency<\/h3>\n
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