Over the course of the past 20 days, Vitalik Buterin, the founder of Ethereum, has moved about $12 million worth of cryptocurrency between his several wallets. According to the findings of LookOnChain’s investigation, the “whale” address that ends in 0x9e92 and has received 9,300 ETH in the past 20 days may be connected in some way to the person who created the cryptocurrency.
The recipient of the payments is most likely Vitalik, given the receiving address, which ends in “0xd04d,” has only received money from the wallet known as Vb3 so far, says LookOnChain.
Following the completion of the transaction, the whale now possesses a total of 170,913 ETH, which has a value of around $265.3 million at press time. The history of the transaction does not indicate any activity that would lead us to believe that the whale is in fact connected to a certain exchange or operates as an unregulated counter.
Why is Vitalik Selling His Ethereum Holdings?
There does not seem to be any particular reason for Vitalik to be selling his crypto assets; but, in the past, we have seen that this has a negative influence on the price of Ethereum.
This is due to the fact that there are users, traders, and investors in crypto that follow him on social media and keep tabs on what he does. This action may cause a widespread pessimistic outlook, which, in turn, will have a negative impact on the price of Ether.
In the last few weeks, the second biggest cryptocurrency has been seeing some rather solid bullish movement, and at one point, it even managed to break over the $1,600 level. The coin has reached a resistance point of around $1,500 and is now trading at roughly $1,550 at the time of this publication.
In addition, the alternative coin’s price has increased by more than 10% in the previous week, making it one of the assets that are now doing its best. On-chain signals indicate that the bulls have acquired a fractionally greater amount than the bears. We can only hope that this state of affairs persists and that Vitalik’s activities have no impact on the token’s value.