There is a huge selling pressure in Bitcoin and altcoins. This selling pressure is also evident in Ethereum, and Ethereum wallets associated with Vitalik Buterin also contributed to this selling pressure.
According to Spot on Chain's post, a multi-signature wallet that received a large amount of Ethereum from Ethereum co-founder Vitalik Buterin is actively selling its ETH holdings.
This wallet, which received 3,800 ETH worth approximately $9.99 million from Buterin in two transactions on August 9 and August 30, continues to steadily sell its ETH.
According to the data, this address made its last sale hours ago. To date, this address has sold 760 ETH for 1.835 million USDC, with an average ETH sale price of $2,414.
Apart from this, according to Arkham data, an address thought to belong to the Ethereum Foundation (0xd7…c1f4) sold 450 ETH for 1.0364 million DAI via the Cow Protocol today and then transferred all of it to other Ethereum Foundation addresses.
These sales are drawing attention in the cryptocurrency market, as major transfers by prominent figures such as Vitalik Buterin and the Ethereum Foundation are causing concern among investors and could lead to potential short-term selling pressure in the market.
The multi-signature wallet that got $ETH from @VitalikButerin is on a selling streak!
After receiving 3,800 $ETH ($9.99M) from Vitalik on Aug 9 and 30, it’s been cashing out, selling 760 $ETH for 1.835M $USDC at ~$2,414 per ETH. The latest sale happened just 21 hours ago.… pic.twitter.com/ELcjpPSg4K
— Spot On Chain (@spotonchain) September 9, 2024
Ethereum continues to trade at $2,325 at the time of writing.
*This is not investment advice.
