- Ethereum co-founder Vitalik Buterin transferred 600 ETH, valued at around $1 million, to Coinbase.
- Ethereum experienced a significant decline of over 9.5% in the past week.
In a surprising turn of events amidst last week’s unpleasant cryptocurrency market, Ethereum’s Co Founder Vitalik Buterin reportedly transferred 600 ETH to Coinbase, one of the leading cryptocurrency exchanges of the world). The move occurred after a sudden drop in the values of major cryptocurrencies, including Bitcoin (BTC) and altcoins, on August 18.
During the market downturn, Bitcoin saw its price plummet to $25,409, while Ethereum experienced a considerable decline to $1,597. In this period of market instability, the cryptocurrency community observed the transfer of 600 ETH by Vitalik Buterin to Coinbase. According to the data, the value of the transferred ETH is estimated to be around $1 million.
vitalik.eth repaid 251K $RAI on #Maker and withdrew 1,000 $ETH($1.67M) yesterday.
Then deposited 600 $ETH($1M) to #Coinbase 5 hrs ago.https://t.co/pw8ekIYSs1 pic.twitter.com/rkJo42OSlq— Lookonchain (@lookonchain) August 21, 2023
In a separate development, Buterin made a repayment of 251K $RAI on Sunday, while also withdrawing the equivalent of $1.6 million worth of Ether. This activity was confirmed by on-chain tracker, lookonchain. RAI may be used as collateral for other DeFi protocols since it is more “stable” than ETH or BTC, and it also has an interest rate incorporated in it.
While the exact reason for 600 ETH transfer remains unknown, speculation rises that Buterin may have taken the step with the intention of selling the ETH.
Ethereum (ETH) Price Chart (Source: CoinMarketCap)
Ethereum (ETH) managed to recoup some of its losses and traded in positive territory at $1,700 range. At the time of writing, Ethereum traded at $1,670 with a 24 hour trading volume of $4.4 billion. Still the largest altcoin is down by 9.5% in the past week.
Why did Vitalik Transfer 600 ETH to Coinbase? Tweet us @The_NewsCrypto and let us know your thoughts.
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