• Wed. Jul 17th, 2024

Buterin & Sun’s Big ETH Moves: What It Means for Ethereum’s Price

Xavier Jackson

ByXavier Jackson

Oct 7, 2023
Binance Failed to Make Its Way Back To Japan

Ethereum’s co-founder, Vitalik Buterin, is once again in the spotlight after transferring a hefty sum of $1.64 million in ETH to the popular exchange Bitstamp. This recent transaction has stirred conversations within the crypto space, as enthusiasts and investors alike attempt to decipher the implications of this substantial move.

Tracking Buterin’s Movements

On-chain analytics firm Lookonchain recently revealed a transaction where Vitalik Buterin, Ethereum’s co-founder, transferred 1,000 ETH, approximately $1.64 million in value, seemingly directed towards Bitstamp, a well-regarded cryptocurrency exchange.

Buterin’s wallet hasn’t been dormant; in the past two months alone, it has funneled a significant 4,400 ETH into Bitstamp, totaling an estimated $7.23 million. Lookonchain highlighted a considerable receipt of 70,000 ETH from a wallet, “Vb3”, thought to be one of Buterin’s many crypto vaults.

This recurring trend of sizeable transactions was noted earlier when Buterin dispatched around $1 million in Ethereum to Coinbase. This echoed a transaction made in August where 600 ETH found its way to the same exchange, sparking speculations of potential sales or strategic moves within the volatile crypto market.

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A Series of Notable Withdrawals

The crypto sphere observed another noteworthy move, this time from Justin Sun, who pulled 23,000 ETH (equivalent to $37.7 million) from Lido Finance. This considerable sum was rerouted to address 0x454, yet, interestingly, not liquidated. Following closely, an address linked to HTX (Huobi) withdrew a massive 42,999 ETH from Binance, only to stake them with Lido.

These substantial financial activities underline Sun’s strategic asset relocations. They come just days after he extracted 19,000 ETH (worth $32.8 million) from Lido, shifting the assets to Binance.

Ethereum’s Market Resilience

Despite the large transactions from Buterin’s wallet, Ethereum’s market price has remained unaffected and stable. A wider market observation gives a clearer perspective. Santiment’s recent data reveals a significant 110,000 ETH withdrawal from centralized exchanges (CEXes), marking the largest outflow since August 21.

This massive exodus has led to a noteworthy decline in the total Ethereum supply on these platforms, hitting its lowest in over 5.5 years. Conversely, the non-exchange supply of ETH has skyrocketed, reaching a record 115.88 million ETH. These shifts, though massive, have not triggered drastic price changes, showcasing the digital currency’s robustness.

Ethereum’s price resilience is evident in its quick recovery following a turbulent week. It registered a 1.24% increase within a 24-hour span, standing at $1,641 at the time of the report. The coin’s ability to withstand significant internal transactions and broader market dynamics underscores its maturing landscape and the evolving behavior of its investors. 

Xavier Jackson

Xavier Jackson

Xavier Jackson is a talented and versatile news writer with a knack for delivering compelling stories. With a dedication to accurate reporting and a captivating writing style, his articles provide readers with insightful and thought-provoking perspectives on current events.

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