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Cryptocurrency News Articles
Vitalik Buterin Sells 1,300 ETH as Ethereum Price Drops 2% to $2,700
Sep 30, 2024 at 09:55 pm
Data shows that in the last 12 days nearly 1300 ETH moved from Buterin's wallet. It was moved to Paxos as Ethereum's price fell 2% to $2700.
A wallet linked to Ethereum co-founder Vitalik Buterin has sold nearly 1,300 ETH in the last 12 days. This recent deposit was for 649 ETH ($1.72 million) to Paxos in the last day.
The total of 1,300 ETH was sold with the average ETH price of $2,581. This made the total sale to be worth approximately $3.35 million.
A wallet associated with @VitalikButerin (last activity: 20 hours ago)
This recent activity follows another transaction on September 19 when the wallet received 1,300 ETH from another Buterin-linked address. Notably, this address was funded with 70,000 ETH by Buterin earlier in 2024.
The on-chain data from SpotonChain shows that the wallet made several large deposits into Paxos. This activity began on September 18 with a 649 ETH ($1.73 million) deposit.
Afterward, another two large deposits were made on September 21 and 22. These transactions moved 270 ETH ($719,000) and 360 ETH ($960,000), respectively.
Collectively, these transactions show that Buterin sold 1,300 ETH at an average price of $2,581. The total sale was valued at around $3.35 million.
The sales come at an opportune time as ETH price has seen a recovery. Buterin is selling at what appears to be local highs.
After the sales, bearish pressure set in with ETH price currently trading within the range of $2,626, marking a pullback of 2.3%.
Whales Ramp Up Buying Activity as Institutions Sell
While Buterin’s wallet activities are causing some concern among investors, other well-known traders are making the most of the market downturn.
One such trader, identified by Lookonchain, purchased over 10,000 ETH at a cost of $26.8 million, indicating that there is still an appetite for the cryptocurrency at these prices.
The trader is known for their successful ETH trades, having reportedly generated a total of $2.14 billion in profits from similar buying strategies.
On the other hand, the Ethereum Foundation sold 100 ETH, valued at $263,000, about 30 minutes before press time. This recent sale adds to the total of 3,766 ETH sold by the Foundation throughout 2024, amounting to roughly $10.46 million.
These large institutional sales, both from the Foundation and Buterin, have contributed to the bearish sentiment in the market, despite positive updates on the Ethereum network.
After a period of strong gains, ETH price has faced difficulties in pushing past certain points of resistance.
Within the last 24 hours, ETH price decreased by 1.34% and was trading at $2,626.78. Its market capitalization stood at $316 billion.
According to crypto experts, Ethereum has not yet recorded a higher high, a crucial level that Bitcoin was able to achieve last week.
Technical analysts noted that Ethereum faces a key resistance at the 200-day EMA of around $3,100 to regain a bullish trend.
At the moment, the price is in a neutral trend, with bulls needing to break through this crucial level to continue the broader advance. If successful, ETH price could retest the highs of $3,500.
Despite the price retracement, on-chain activity on Ethereum has seen a recent uptick. Weekly transaction fees were $45 million as more users engage with the network.
This marks the highest transaction fee total since June 2024, indicating strong demand for Ethereum's network services.
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