Ethereum ($ETH) founder Vitalik Buterin continues his sell-off.
As Bitcoin and altcoins fell due to escalating geopolitical tensions between the US and Iran and President Donald Trump’s announcement of new tariffs, Vitalik Buterin sold another $3.3 million worth of $ETH.
According to Lookonchain, a cryptocurrency analytics platform, Vitalik Buterin sold 1,869 $ETH (worth $3.67 million) in the past two days.
Since February 2nd, Buterin has sold a total of 8,651 $ETH ($17.97 million) at an average price of $2,077.
Buterin announced his plans to sell 16,384 $ETH on January 30 to support the Ethereum ecosystem.
When Vitalik Buterin sold 6,958 $ETH ($14.78 million) earlier this month, $ETH dropped from $2,360 to $1,825, a 22.7% decrease. In his most recent sale, $ETH fell from $1,988 to $1,875, a 5.7% drop.
Historical data shows that sales associated with the founder, including Ethereum Foundation treasury transfers, can rapidly increase bearish sentiment among investors. For example, the transfer of 35,000 $ETH in May 2021 (worth approximately $125 million at the time) led to a 50% drop in the $ETH price within weeks.
*This is not investment advice.
Read the full article here