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The Ethereum (ETH) community is buzzing with speculation as founder Vitalik Buterin moved a significant amount of his assets between wallets. On-chain tracking platform Lookonchain shared the details of Buterin’s Ethereum movement in a post on X.
All eyes on Ethereum’s on-chain movements
According to Lookonchain data, Buterin transferred 1,009 ETH valued at $2.94 million. The movement of this volume of ETH has caught the attention of traders as, historically, founder-linked wallets have been known to influence market sentiment.
Generally, the movement of assets could signal preparations to sell, particularly when it is from a private wallet to an exchange. However, in this case, the Ethereum founder moved the assets from one wallet to another.
Despite this, the community’s speculation remains understandably valid. It could be that he is moving the assets he wants to sell to this specific wallet as he rearranges his portfolio. At the moment, it is too early to tell if Buterin intends to sell some of his assets.
Market participants are keenly monitoring on-chain platforms for more movements before a definite conclusion can be drawn. Although there is no immediate action from Buterin on the transferred 1,009 ETH, the sell-off concern is not blowing away.
Vitalik Buterin’s transaction is of interest to investors given prevailing market volatility. As of press time, Ethereum exchanges hands at $2,912.38, which represents a 0.6% increase in the last 24 hours. The coin had previously hit an intraday peak of $2,981.31 as some anticipated a rebound to the $3,000 zone.
However, it faced rejection as trading volume remained in the red zone, down by 21.56% to $21.8 billion. The reluctance of traders and investors alike to actively engage with Ethereum might have caused its rejection at the $3,000 level.
It is worth mentioning, though, that despite the daily uptick, Ethereum is still struggling to shake off bearish sentiment. In the last seven days, the coin has shed 5.71% of its value and approximately 30% in the last 30 days.
Ethereum’s future outlook bullish?
Meanwhile, in the broader cryptocurrency space, institutional giant BlackRock has been in aggressive selling mode. Notably, on Nov. 24, BlackRock deposited 36,283 ETH into Coinbase Prime. The move sparked discussions across the crypto community.
Despite these offloading moves, Ethereum might rebound to its ATH sooner than many expect. The long-term outlook for the coin suggests bullish signals for a possible rally.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team