Vitalik Buterin transmitted over half a million dollars’ worth of Ethereum to a significant exchange, according to data released by the @lookonchain analytics platform that monitors significant cryptocurrency transactions and transfers of “Smart Money” wallets.
After he done that, the Ethereum Foundation followed suit, transferring approximately $30 million worth of Ethereum to the same platform.
ETH, the second-largest cryptocurrency, is now trading at $1,960. The on-chain data startup Santiment predicts that ETH will soon surpass $2,000 in value.
Vitalik and ETH Foundation sell ETH
@lookonchain said that the 200 Ethereum (worth around $400,000) were transferred to the US-based Kraken exchange by the vitalik.eth wallet first. The Ethereum Foundation sent 15,000 ETH to Kraken after Vitalik’s transaction, but on a considerably larger scale.
That brings the total value of Vitalik’s crypto to $40,000,000 USD in currency. The well-known cryptocurrency tracker Whale Alert also picked up on and publicised the second transaction.
It appears that Vitalik only sometimes sells a similar quantity of Ethereum. As previously reported by U.Today, he traded 210 ETH for about $325,000 in the USDC stablecoin in the middle of February. Strangely, a portion of the ETH was also sold on Kraken.
At that time, the price of Ethereum was $1,545.
On March 13, he transferred 200 more ETH to Kraken and sold them for $1,656 each.
Ethereum on verge of breaking $2,000: reasons
According to data aggregator Santiment, ETH transfers to cryptocurrency exchanges hit an 8-month high on Friday. The analytics team thinks that this may be a precursor to an uptick in volatility similar to what happened after the Merge in mid-September and the collapse of FTX in early November.
Santiment continued in a subsequent tweet that although “sky-high active deposits” of ETH to exchanges are at their greatest level since November of last year, ETH is now beginning to decouple from BTC and may soon surpass $2,000 in value.
Additionally, as U.Today revealed, a record amount of ETH was burnt at the conclusion of this week. That was due to the meme coin season just starting to unfold. Since most meme coins are Ethereum-based and are regularly traded with high ETH fees, this was an excellent chance to burn ETH and reduce the circulating supply.
