Recent transactions from the Gnosis Safe Proxy (0xfEB) address, known to belong to Ethereum (ETH) co-founder Vitalik Buterin, have reignited discussions about “ETH selling” in the market.
According to on-chain data, Buterin converted his Wrapped Ethereum (WETH) holdings into various stablecoins via a decentralized exchange infrastructure.
Transactions were primarily conducted via the CoW Protocol. According to the data, 45.45 WETH was converted to GHO (worth approximately $84,000), 23.14 WETH to PYUSD (worth approximately $43,000), and 25.162 WETH to USDTB (worth approximately $46,000). Similar volume transactions appear to have been repeated several times within the last 18 hours.
When calculated in dollar terms, Vitalik Buterin’s sales today total approximately $475,000 – $480,000. Buterin has been making similar daily sales for several days. It is noteworthy that these sales are occurring during a period when the Ethereum price is performing poorly.
At the time of writing, Vitalik Buterin has $417 million worth of ETH that is not currently staked.
*This is not investment advice.
