Vitalik Buterin sends 400 ETH to Coinbase
Vitalik Buterin transfers nearly $4 million worth of Ethereum to Coinbase and other exchanges, with recent transactions including 400 ETH sent to Coinbase.
On September 25, blockchain analysts identified a transaction where Vitalik Buterin transferred 400 ETH, equivalent to about $632,000 at the time, from his wallet to Coinbase. This wasn't an isolated transaction. Over the preceding ten days, Buterin's wallet had been actively transferring Ethereum to various centralized exchanges. In total, since September 15, he has deposited nearly 2,421 ETH, valued close to $4 million, on Coinbase.
???? @VitalikButerin deposited 400 $ETH to #Coinbase at $1,579 ($632K) 2hrs ago.
Notably, Ethereum’s co-founder has deposited a total of 2,421 $ETH to multiple CEXs at 1,628 on average ($3.94M) via two addresses over the past 10 days.
???? More details: https://t.co/tiJwn0omkk… https://t.co/C3BqRmsUau pic.twitter.com/8v1jmadwaM — Spot On Chain (@spotonchain) September 25, 2023
Buterin's recent transactions aren't limited to Coinbase. Data from on-chain platforms reveals a series of deposits to other exchanges as well. Between September 15 and September 19, 321 ETH was deposited on the Kraken exchange. Additionally, multiple transactions were made to Bitstamp on September 17 and 20, totaling 1,700 ETH. On September 19, another 500 ETH was sent to Paxos.
Apart from the Ethereum transfers, some analysts have pointed out that Buterin converted 200 ETH into USDC within a week's span. The Ethereum market has seen some bearish momentum recently. At the time of these transactions, ETH's value had decreased by over 4% in just a week.
Buterin, being a co-founder of Ethereum, naturally holds a significant amount of the cryptocurrency. Transfers, trades, or conversions might be a part of his asset management strategy. Earlier, Coinsplorer had covered a transaction of 600 ETH (equivalent to $1 million) from the address vitalik.eth, which occurred on August 21. This transaction was also duly detected by on-chain monitoring platforms.
On the morning of September 25th, ETH's price experienced a decline in trading, as reported by CoinMarketCap. The primary alternative cryptocurrency (altcoin) faced a 1% drop throughout the day, reaching a 24-hour low of $1,570. As of the current moment, ETH is being traded at $1,592.