Vitalik Buterin Clears the Air on Ethereum Sell-Off

In 2021, Ethereum co-founder Vitalik Buterin revealed his ETH holdings on the social media platform Reddit. He stated that his ETH holdings

Ethereum co-founder Vitalik Buterin has addressed concerns regarding a lack of explanation about his Ethereum holdings over the past few years.

In 2021, Buterin revealed his ETH holdings on Reddit, stating that his holdings originated from the pre-mine, totaling 11.9 million ETH, out of which he received 700,000 ETH coins.

However, recent data from Arkham Intelligence shows that Buterin now holds 240,000 ETH, which marks a 60% drop from his peak holdings, now down to 423,000 ETH. At present, the value of Buterin’s Ethereum holdings stands at $1.06 billion.

This has led to questions within the ETH community about why Buterin sold off his massive ETH holdings in just three years. Responding to this, Buterin stated that he hasn’t sold any of his Ethereum holdings for personal gain since 2018.

He highlighted that all of his ETH sales have been directed towards projects he finds valuable, either within the Ethereum ecosystem or for broader charitable causes, such as biomedical research and development.

To clear up any misunderstanding regarding his ETH transactions, Buterin also previously stated on Warpcast that it was not a case of him selling ETH for personal profit. Instead, these transfers are usually donations to charities, non-profits, or other projects, with the recipients selling the ETH to cover their operational expenses.

The Ethereum price has been recently trading around $2,500, forming a strong base at these levels. Popular analytics platform CryptoQuant recently stated that despite the decline over the past five months, Ethereum has maintained its position above its realized price. And it is now acting as a key support level.

Historically, altcoin bull markets often begin when ETH’s market price is stronger than its realized price, indicating potential for future gains in the broader altcoin market.

The platform shared its analysis on Twitter, highlighting that Ethereum is still in a bullish trend despite the price drop this year.

“#Ethereum hasn’t lost the realized price it broke through despite the sharp price decline over the past five months, and the realized price is acting as support.

Historically, altcoin bull markets have started when Ethereum is stronger than its… pic.twitter.com/CDiKFldfA5

Moreover, popular crypto analyst Michael van de Poppe opined on X that the bullish divergence on Ethereum remains in play. A key level to watch is 0.042 BTC for ETH; holding this support could signal another upward move. With ETF flows stabilizing and beginning to turn positive, could a green September be on the horizon?

The above is the detailed content of Vitalik Buterin Clears the Air on Ethereum Sell-Off. For more information, please follow other related articles on the PHP Chinese website!