Monitoring of high-profile crypto addresses by onchain analysts has recently revealed that Ethereum co-founder, Vitalik Buterin, transferred 500 ETH, valued at slightly over $1 million, to Coinbase. This action is part of a pattern, following Buterin’s previous transfers to exchanges in September and his assertion in October that he hasn’t “sold ether for personal gain since 2018.”
Ethereum Co-Founder Buterin Moves 500 Ether to Coinbase
Whales and those prominent in the crypto world, like Vitalik Buterin, often find their transactions scrutinized by vigilant onchain detectives tracking significant movements across various blockchain networks. Recently, Buterin’s Ethereum wallet has been active, notably transferring $3.79 million in ether over a ten-day period in September.
In a discussion on the decentralized platform Warpcast, Buterin maintained that he has not “sold ether for personal gain since 2018.” He pointed out that these transfers might be for philanthropic reasons, rather than the sale of crypto assets. On December 19, 2023, social media buzzed about another 500 ETH transfer by Buterin to Coinbase, as confirmed by blockchain explorer data, fueling speculation about him selling ETH.
Bitcoin.com News consistently highlights in its reporting that large-scale onchain movements of bitcoin by whales or the movement of ‘sleeping bitcoins’ don’t automatically imply a sale. When a whale transfers funds to an unrecognizable address, it’s uncertain if a sale occurred. Conversely, if the funds move to an exchange, it suggests a higher possibility of a sale, but this is not definitive.
Buterin might be using a centralized exchange like Coinbase to accrue annual percentage yields on his ETH, with the option to withdraw at his convenience. Given Coinbase’s role in managing donations for non-profits and charities, Buterin’s transfer could signify a philanthropic donation, especially as the tax year concludes. Ultimately, when funds reach a centralized exchange, the intentions behind the transfer remain obscure, leaving room for speculation despite the prevailing belief that the assets were sold.
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