- Vitalik Buterin sells 10,723 ETH amid market downturn
- Onchain data shows $21.7 million stablecoin swaps
- Ether drops 38 percent as sales trigger debate
Ethereum co founder Vitalik Buterin has sold 10,723 ETH for stablecoins since early February, according to onchain data. The transactions follow a funding plan he disclosed in late January. However, the timing has drawn attention as Ether continues to decline. Blockchain analytics firms Onchain Lens and Lookonchain flagged the latest transfers. The data, tracked through Arkham, shows multiple sales across several days. According to Onchain Lens, Buterin sold 3,765 ETH for $7.08 million in the three days leading to Feb. 24. Consequently, total sales since Feb. 2 reached approximately $21.7 million. The average execution price stood near $2,027 per ETH.
Earlier, on Jan. 30, Buterin announced on X that he had withdrawn 16,384 ETH. At the time, the holdings were worth about $45 million. According to his statement, he plans to finance an open source and verifiable full stack of software and hardware. Additionally, he said the funds would support projects in finance, communication, governance, operating systems, secure hardware and biotech. He described the allocation as his own share of austerity. He linked the move to long term sustainability and core protocol development within Ethereum.
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Funding Plan Unfolds as Ether Extends Losses
Ether has declined 38 percent over the past 30 days and now trades near $1,825 based on market data, while the asset has also fallen 3.5 percent in the last 24 hours. Prices remain 63 percent below the all time high near $5,000 recorded in August last year. Market participants on X expressed mixed reactions to the continued selling. Some users criticized the timing of the transactions. Others referenced Buterin’s January disclosure and said the sales align with his previously announced funding plan.
Lookonchain reported that earlier transfers coincided with price declines. During a prior sale of 6,958 ETH for $14.78 million, Ether dropped 22.7 percent from $2,360 to $1,825. In the two days before Feb. 23, when Buterin sold 1,869 ETH for $3.67 million, Ether fell 5.7 percent from $1,988 to $1,875. Buterin’s February transactions continue to unfold amid broader market weakness. As Ether trades significantly below previous highs, onchain data shows ongoing sales tied to his stated funding strategy.
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