- Vitalik Buterin sold 2,961 ETH worth $6.6 million.
- Ethereum price dropped over 5% following the sale.
- Bitcoin miners experience significant network difficulty decline.
Vitalik Buterin, Ethereum’s co-founder, executed a significant sale of 2,961 ETH, totaling $6.6 million via CoW Protocol transactions, over three days, according to Lookonchain data on X.
Buterin’s sale impacted Ethereum, highlighting market volatility and investor caution, especially as Ethereum remains below $2,000 amid broader downside pressures in cryptocurrency markets.
Ethereum’s co-founder, Vitalik Buterin, sold approximately 2,961 ETH valued at around $6.6 million. This sale was conducted using the CoW Protocol, aiming to minimize any market disruption typically associated with large transactions.
Buterin opted to execute multiple small swaps over three days, achieving an average price of $2,228 per ETH. Lookonchain tracked these transactions via social media platform X, providing transparency on his activities.
The market reacted with Ethereum prices falling by over 5%, adding to a substantial 31% year-to-date decline. Bitcoin, another impacted cryptocurrency, saw a sharp drop in mining difficulty—a change linked to decreased network activity.
Observers highlight the financial implications of recent trades, particularly for institutional investors. CryptoQuant analysts noted increased selling pressure on Coinbase versus Binance, typically favored by retail investors, reflecting broader market caution.
“When it turns negative to this extent, it means that the price of Bitcoin on Coinbase Advanced Trade… is lower than on Binance, a platform accessible to everyone and widely used by retail investors.” — Darkfost, Analyst, CryptoQuant
The sale underscores potential shifts in financial trends, with the CoW Protocol’s usage hinting at evolving trading practices. Historical precedents, such as China’s 2021 mining ban, show similar patterns in the Bitcoin data with a significant difficulty drop.
Potential outcomes include increased volatility in the crypto markets, with emphasis on evolving technologies that players like Buterin utilize. Trends from past events confirm that significant moves in top cryptocurrencies can ripple through to alternative digital assets.
