Vitalik Buterin Adds 400 ETH to Coinbase Holdings, Reaches 1000 ETH Transferred in the Last Month

By 0xGorki 09/25/23 7:23 AM

In a series of mysterious maneuvers, Ethereum co-founder Vitalik Buterin has continued to transfer Ethereum (ETH) to various centralized exchanges (CEX) over the past month. The most recent move saw him deposit an additional 400 ETH, equivalent to $632,000, into Coinbase, bringing his total transfers to the platform to 1000 ETH. This follows an initial transfer of 600 ETH approximately one month ago.

Buterin’s Cryptocurrency Transfers

Over the past week, Buterin’s wallet has been involved in several asset transfers:

September 19: Buterin transferred 300 ETH to Kraken.
September 22: An amount of 278 ETH, equivalent to $427,160, was sent to wallet address 0x3F6. Interestingly, this wallet also received 350 ETH (valued at $560,000) from Buterin three weeks earlier, which was subsequently swapped for USDC on Uniswap v3.
Earlier, on September 12, a wallet associated with Vitalik sent 2000 ETH to the intermediary wallet address 0x5567, commonly used for depositing funds into Bitstamp. According to Lookonchain data, this intermediary wallet has transferred a total of 2700 ETH, valued at $4.7 million, to Bitstamp over the past month.

vitalik.eth(@VitalikButerin) deposited 400 $ETH($632K ) to #Coinbase 30 mins ago.https://t.co/q6Y6MuNrdF pic.twitter.com/idy96sxZxO

— Lookonchain (@lookonchain) September 25, 2023

Buterin’s Asset Allocation

It is apparent that the Ethereum co-founder has been gradually allocating assets to different exchanges, including Coinbase, Kraken, and Bitstamp. As of now, the motive behind this “accumulation” of funds on CEX platforms remains unclear.

Speculation and Market Impact

Vitalik Buterin’s enigmatic actions have ignited numerous speculations within the cryptocurrency community. Some are concerned that he may be preparing to sell a significant portion of these assets, potentially exerting selling pressure on the crypto market. While the exact purpose of these transfers remains uncertain, they do provide a glimpse into Vitalik’s perspective on market trends, and as such, they are being closely monitored by the crypto community.

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