Vitalik Buterin, Ethereum co-founder continues to move funds as he reportedly transfers 2000 ETH tokens to another wallet address. The crypto giant has been in the news recently making waves in the crypto community.
On-chain transaction tracker, Lookonchain reported that the wallet relating to Buterin transferred a staggering 2000 ETH (equivalent to $3.12 million) to an address labeled “0x5567.”
A wallet related to @VitalikButerin transferred 2,000 $ETH($3.12M) to wallet"0x5567" again.
The wallet related to #VitalikButerin has deposited a total of 2,700 $ETH($4.77M) to #Bitstamp via wallet"0x5567" in the past month.https://t.co/LRrcqoxUhf pic.twitter.com/aPm3xewGwx
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— Lookonchain (@lookonchain) September 11, 2023
Interestingly, this is not the first time the wallet has been involved in huge transactions. The wallet has moved a total of 2,700 ETH ($4.77 million) to the London-based crypto exchange, Bitstamp.
Related Reading: Vitalik Buterin Breaks Silence After X Account Hack, Confirms SIM Swap Attack
This comes shortly after Buterin initiated a transfer of 3,000 ETH from his publicly labeled Ethereum wallet, Vitalik.eth to a wallet address labeled “Vb 2.” on August 28.
With these chunks of transfers, speculations are beginning to rise among the crypto community as to possible reasons. One possible reason is that Vitalik is redistributing money for the purpose of investment.
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He might also sell off part of his assets to protect himself from market volatility. However, these are informed speculations, but the precise reason for this is still unknown.
The timing of the transfers coincides with the high volatility in the crypto market. Transfers of this size can either stabilize the said asset price or make the existing volatility even worse.
Ultimately, the reason behind the significant transfers is not clear, however, investors can only hope that it does not negatively impact the price of the asset. The attention of institutional and retail investors has been drawn to these transactions. It will be interesting to see how the events will shape the price of ETH in the coming months.
Ethereum (ETH) price today
Ethereum along with the global market gradually recovers from market turbulence. According to the latest data from Coinstats, the price of ETH stands at $1,600 which represents a 0.41% increase in the last 24 hours. What’s more, Ethereum has a 24-hour trading volume of $8,524,047,416 ($8 billion) with a live market cap of $192,228,628,892 ($192 billion).
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.