Ethereum's Vitalik Buterin Told to 'Read the Room” as His Post Triggers Backlash
- WBOYOriginal
- 2024-08-06 12:16:271005browse
The past weekend has been rough for crypto investors worldwide. Amid a largely unanticipated and sharp market sell-off, most investors have been left feeling antsy.
Crypto investors have had a rough past weekend in the midst of a largely unanticipated and sharp market sell-off that has left most feeling antsy.
In the latest instance highlighting the tension in the air, a seemingly insightful post from Ethereum co-founder Vitalik Buterin on Layer 2s that would have typically triggered excitement and intellectual debates has triggered backlash and jabs instead.
Prominent crypto community member “poordat” surmised the prevailing sentiment before adding, “Like say EF [the Ethereum Foundation] is buying or something.”
Chiming in, Prominent crypto trader “Cold Blooded Shiller” quipped, “Bro thinks anyone caring about any of this today.”
On a more comical note, Euler Labs Special Advisor Laurence Day quipped, “Vitalik truly posting unburdened by what has been,” in a nod to U.S. Vice President Kamala Harris’ campaign slogan.
It is necessary to look at Ethereum’s price movement in recent days to understand these reactions.
Steno Research Senior Cryptocurrency Analyst Mads Eberhardt asserted that ETH “has been hit the hardest” in the market crash.
The steep decline of ETH compared to other crypto assets comes as it appears to be facing significant selling pressure on top of macroeconomic concerns. Over the weekend, Jump Crypto, the crypto arm of Jump Trading, has unstaked nearly $500 million worth of ETH and moved another almost $200 million in ETH to exchanges.
Steno Research’s Eberhardt has opined that Jump Trading is likely trying to wind up its crypto business and, on top of that, has likely “been caught on the wrong side of either equities or, more likely, the Yen carry trade, trying to raise as much fiat as possible to meet margin calls.”
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