- Vitalik Buterin’s ETH sales support projects, not personal gain.
- Ethereum network sees rapid growth with 126,210 new wallets created.
Ethereum co-founder Vitalik Buterin has found himself at the centre of speculation after significant Ethereum (ETH) wallet transfers linked to him. Last week, a multi-signature wallet that received 3,800 ETH from Buterin between August 9 and August 30 initiated a selling spree, as reported by SpotOnChain. The wallet sold 760 ETH for $1.835 million in USDC at an approximate rate of $2,414 per ETH, with the latest transaction taking place 21 hours ago.
The multi-signature wallet that got $ETH from @VitalikButerin is on a selling streak!
— Spot On Chain (@spotonchain) September 9, 2024
After receiving 3,800 $ETH ($9.99M) from Vitalik on Aug 9 and 30, it’s been cashing out, selling 760 $ETH for 1.835M $USDC at ~$2,414 per ETH. The latest sale happened just 21 hours ago.… pic.twitter.com/ELcjpPSg4K
The transfers led to rumours that Buterin was selling off his ETH for personal profit. The speculation grew after Lookonchain revealed a transaction of 800 ETH ($2.01 million) from a wallet associated with Buterin to a multisig wallet on August 30. Earlier, on August 9, the same wallet had transferred 3,000 ETH.
Meanwhile, responding to online accusations, Buterin clarified that since 2018, all his ETH sales have been used to support valuable projects within the Ethereum ecosystem or charitable causes, including biomedical research. He emphasized that none of the funds were retained for personal use.
According to data from Arkham Intelligence, Buterin’s ETH holdings have significantly decreased, now standing at 240,000 ETH ($606.49 million), down from 325,000 ETH three years ago. This drop, however, aligns with his claims of using ETH sales for philanthropic purposes and ecosystem development.
Ethereum Network Growth
Ethereum’s network is witnessing substantial growth, with 126,210 new wallets created in a single day, marking a four-month high. This surge in network activity, particularly on a Sunday — a typically slow day — signals rising utility and potential price rebounds.
Meanwhile, currently, ETH is trading at $2,296, reflecting a modest 0.14% increase, with trading volume up by 13%, hinting at renewed investor interest and network strength. Buterin’s clarification might have reassured investors as the Ethereum network shows signs of growth.
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