As a seasoned crypto investor with over a decade of experience in this wild and ever-evolving digital frontier, I find myself closely monitoring the actions of key figures within our community – and Vitalik Buterin is undoubtedly one of them. His latest move of 800 ETH has once again stirred up discussions about Ethereum’s role as a store of value and the influence of “whales.”
Once more, Ethereum‘s co-creator Vitalik Buterin has moved a substantial quantity of Ether, igniting new debates among cryptocurrency enthusiasts.
As per data from Lookonchain, Vitalik Buterin transferred approximately 800 Ether, worth around $2.01 million, into a multisignature wallet. Subsequently, about 190 Ether from this wallet was exchanged for roughly 477,000 US Dollar-backed coins (USDC), a cryptocurrency that maintains its value relative to the U.S. dollar.
Is Buterin Offloading ETH?
In reference to a previous transfer that occurred on August 9, this current transaction involves the same amount (3,000 ETH) and value ($8.04 million) as the one made by Buterin earlier, which was sent to the identical wallet.
The recent actions have stirred up discussions once again among members of the Ethereum community about whether Ethereum serves as a form of long-term investment or not. This is especially relevant given worries over potential mass sales of ETH by significant investors, often called “whales.”
The actions of transferring funds by a person aged 30 are happening at a time when there’s growing curiosity regarding how the Ethereum Foundation is managing its Ether (ETH) reserves. Just last week, this organization transferred 35,000 ETH, worth approximately $94 million in US dollars, to Kraken. This move has sparked discussions about the clarity of their operational procedures.
Initially, Aya Miyaguchi, in her role as Executive Director, addressed rising worries by making it clear that the substantial transfer was an aspect of the Foundation’s financial management strategy. She elaborated that these funds were essential for meeting operational costs, such as grant disbursements and staff salaries, some of which necessitate payments in fiat currency.
Apart from engaging with X to tackle the issues head-on, Buterin unveiled that approximately 90% of his personal fortune lies in ETH. Moreover, he mentioned that he earns around $140,000 per month as a salary from the Ethereum Foundation.
As reported by Lookonchain, the Ethereum Foundation (EF) has offloaded approximately 239,000 Ether since January 2021, totalling a value of around $654 million. In July, a wallet linked to the organization moved over $290 million in ETH following a seven-year period of inactivity.
Keeping an Eye on Whales
Discussion about whale activities is a common topic among cryptocurrency enthusiasts, since their actions can significantly impact the value and public opinion of a particular asset.
In essence, on-chain observers often pay close attention to transfers from specific addresses, especially those associated with Buterin, as they are particularly noteworthy.
As I pen this down, Ethereum (ETH) stands at approximately $2,526. Over the past 24 hours, it has fluctuated between $2,503 and $2,593. Compared to its position a day ago, there’s a minor decrease of about 0.8%. On a weekly basis, it has experienced a more substantial dip of around 5.7%.
In approximately 30 days, the asset decreased nearly 24%. This second-largest cryptocurrency boasts a market capitalization of around $303.8 billion. Currently, its value translates to approximately $606.6 million for Vitalik Buterin’s holdings of about 240,171 ETH.
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2024-08-30 23:24