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Cryptocurrency News Articles
Vitalik Buterin Moves 649 ETH to Paxos Amid Continuous ETH Selloff
Sep 30, 2024 at 05:01 pm
Ethereum co-founder Vitalik Buterin is still selling parts of his ETH holding. According to data from SpotonChain, the developer has transferred over 1
Ethereum co-founder Vitalik Buterin has moved over 1,300 ETH to Paxos in the last 12 days.
According to data from analytical platform SpotonChain, Buterin’s wallet 0x556 received 1,300 ETH on September 19 from another wallet 0xd04. The latter was initially funded by Buterin with 70,000 ETH earlier this year. However, it took Buterin’s 0x556 wallet about 11 days to fully transfer all 1,300 ETH to Paxos, seemingly capitalizing on the altcoin’s price recovery.
With an average sale price of $2,581 per ETH, the transfer amounted to $3.35 million. Notably, this is part of a series of transfers by the Ethereum co-founder.
On August 30, Lookonchain reported the transfer of 800 ETH, valued at approximately $2.1 million at the time, to a multi-signature wallet. Of these, 800 ETH were transferred to the multi-sig wallet, and 190 ETH were swapped for 477,000 USDC.
The transfer sparked speculation within the crypto community, especially given the market's volatility at the time. Buterin later went on to transfer an additional 190 ETH.
The altcoin has since seen a price decline, with Ethereum trading at $2,631.13 at the time of press, down 0.74% in the last 24 hours.
Some analysts have noted that Ethereum has lacked significant upside momentum despite the broader crypto market rally in October. The altcoin has seen some rebound, managing to consistently close above the 50-day Moving Average (MA), but its price action is yet to live up to expectations.
In the near term, Ethereum could retrace to the support level of around $2,250 before rebounding towards its all-time high (ATH). From a technical standpoint, if the coin fails to rise above July’s peak of about $3,566 in the coming weeks, the macro falling trend that began in March is likely to push the altcoin below $2,000.
Meanwhile, Buterin has expressed concerns about the limitations of the Ethereum network, suggesting an increase in “blob count” to enhance the blockchain's scalability.
The blob count concept, which arrived with the major Dencun upgrade, will be implemented using the Ethereum Improvement Proposal (EIP)-7623.
“We cannot afford to let the momentum slip on moving more layer 2s over to using blobs,” the Ethereum co-founder stated, adding that “EIP-7623 is crucial for this because it ensures that the worst-case size of a block massively decreases.
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