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Vitalik Buterin Transfers $11.16 Million Worth of Ethereum (ETH) Between Wallets, What's Happening?

Fri, 01/20/2023 - 08:19
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Arman Shirinyan
Vitalik Buterin is actively moving his own funds, but reason behind such operations remains unclear
Vitalik Buterin Transfers $11.16 Million Worth of Ethereum (ETH) Between Wallets, What's Happening?
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The co-founder of the second biggest network in the industry has transferred almost $12 million worth of cryptocurrency between his wallets in the last 20 days. The suspicious activity immediately caught the attention of the crypto community.

According to LookOnChain's analysis, the whale address ending with 0x9e92 that received 9,300 ETH in the last 20 days could be somehow tied to the developer himself. The address used to send funds ends with "0xd04d" and most likely belongs to Buterin, as it only received funds from wallet Vb3.

After receiving funds, the whale holds a total of 170,913 ETH worth approximately $260 million. Practically, it makes him one of the biggest holders of the cryptocurrency on the market. The transaction's history does not show any activity that would make us think that the whale is in fact tied to a certain exchange or functions as an OTC desk.

Historically, transactions made by Buterin usually lead to a spike in Ethereum's volatility on the market, as both institutional and retail investors often follow the accounts of crypto influencers, projects and developers.

Some community members even assumed that Buterin is willing to sell some of his holdings, while Ethereum is trading at a significant premium compared to the price we saw on the market around two weeks ago.

Luckily for Ethereum investors, the price performance of the second biggest cryptocurrency on the market has improved drastically since the beginning of the year thanks to recovering network activity and the sudden rise of inflows on the market that inevitably affected the biggest cryptocurrencies on the market — like Ethereum and Bitcoin. 

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.