Vitalik Buterin Sends Over $1 Million In Ethereum To Coinbase; Major ETH Sell-Off Ahead?

Ethereum co-creator Vitalik Buterin moved 600 ether, worth roughly $1 million, to crypto exchange Coinbase on Monday, according to data from Ethereum network explorer, Etherscan.

It’s unclear why Buterin deposited the ether, but transfers to centralized exchanges are typically interpreted as a desire to sell. And his movement might increase selling pressure on ether, whose price has recently plummeted amid a crypto market-wide downturn that saw traders suffer over $1 billion in liquidations.

Vitalik Transfers 600 Ether To Coinbase

Blockchain sleuths have identified the transfer of $1 million of ETH belonging to a wallet address linked to Ethereum’s Vitalik Buterin.

The Ethereum founder moved 600 ETH to Coinbase on August 21. Cryptically named “vitalik.eth”, the address still holds over 3,900 ETH valued at around $6.5 million as of press time, was created seven years ago. 

The wallet also contains $84,000 in USD Coin (USDC) and $58,000 of Wrapped Ethereum (WETH). 

Blockchain data from on-chain tracker Lookonchain shows that Buterin repaid 251,000 RAI Reflex Index (RAI) tokens on Maker and proceeded to withdraw 1,000 ETH (worth around $1,67 million) shortly before the transfer of ETH to Coinbase.

Is ETH About To Fall To $1,000?

Vitalik’s transaction comes as ether, the industry’s second most valuable crypto endured a 9.9% slide over the past seven days as the broader market remains fragile.

Well-known crypto strategist Ali Martinez foresees a significant pullback in the Ethereum price if it drops below the $1,600- $1,550 zone. Ether is changing hands at $$1,664.79 at the time of writing. This means the crypto could soon see a 37%-45% drop from here, crashing to as low as $1000 — according to Martinez.

Buterin’s latest transfer caused a stir on social media, with some crypto enthusiasts suggesting that the move could put additional strain on ETH. Their views are not entirely unwarranted, as the last time he sent ether to crypto exchanges between June 5 and 7, a 14% drop ensued, as per CoinGecko data.

However, in March, the Ethereum creator’s deposit to exchanges coincided with the local bottom of around $1,400, implying that the impact on price after these transfers is just a mere coincidence.