Last Updated: August 27, 2023
• Vitalik Buterin, Ethereum co-founder, made a $1 million transfer to Coinbase on August 21st.
• Exchange deposits from Buterin have risen to $4.37 million year-to-date due to market uncertainty.
• Despite the speculation around the transfer, ETH price suffered minimal impact, only dropping 0.4% over 24 hours.
Vitalik Buterin’s $1M Transfer
Ethereum co-founder Vitalik Buterin made a significant exchange deposit of 600 ETH (worth approximately $1 million) into Coinbase on Monday August 21st. The transfer adds to the Ethereum co-founder’s rising year-to-date exchange deposits which now total $4.37 million according to Arkham Intelligence data.
Recent market uncertainty has caused leading cryptocurrencies like Bitcoin and Ethereum to suffer 11.3% and 9.7% slides in their prices respectively over the past week according to CoinGecko at the time of writing. This has caused investors to become concerned with perceived industry leaders making large crypto transactions such as Buterin’s recent deposit into Coinbase.
ETH Price Impact
Despite speculations surrounding Buterin’s latest ETH transfer, there was minimal impact on the asset’s price with it trading for $1,665 at the time of writing which showed only a 0.4% decrease over 24 hours since his transaction occurred..
Source Of Funds
Lookonchain data revealed that Buterin’s most recent Coinbase deposit followed the closing of a Maker lending position on Sunday, August 20th where he had repaid 251,000 RAI releasing 1,000 ETH (worth approximately $1.67 million).
In conclusion, despite growing market uncertainty and speculation around Vitalik Buterin’s large crypto transactions there was minimal impact on Ethereum’s price showing that investor confidence in both him and Ethereum still remains strong despite current market conditions