Vitalik Buterin and the Ethereum Foundation sell $40 million in ETH as price nears $2,000

According to data shared by Lookonchain, an analytics platform that tracks major cryptocurrency transactions and “smart money” wallet transfers, Vitalik Buterin sent nearly half a million worth of ether to a major exchange.

After he did so, the Ethereum Foundation (EF) made a similar move for the same platform, but for a much larger amount — nearly $30 million worth. Meanwhile, ETH, the second-largest cryptocurrency, was trading at $1,960.

Santiment, an on-chain data company, believes that ETH is expected to break through the $2,000 mark.

Buterin and EF sell ETH

Lookonchain shared that the Vitalik.eth wallet was the first to transfer 200 ETH (worth around $400,000) to the US-based Kraken exchange.

After Vitalik’s transaction, the Ethereum Foundation did the same thing, but on a much larger scale — transferring 15,000 ETH to Kraken. Combined with Vitalik’s cryptocurrency, this ETH is worth $40,000,000.

The second transaction was also noticed and flagged by Whale Alert. It seems like Vitalik just sells Ether in similar amounts from time to time.

Before that, in mid-February, he sold 210 ETH of the USDC stablecoin for about $325,000. Curiously, the same amount of ETH is also being sold on Kraken. Before that, Ethereum was trading at $1.545.

On March 13, he transferred another 200 ETH to Kraken, which he sold for $1,656.

Reasons why ETH is about to break $2,000

Data aggregator Santiment reported on Friday that ETH inflows into cryptocurrency exchanges reached their highest level in eight months. The team of analysts believes this could be a sign of an upcoming increase in volatility, similar to the volatility seen after the FTX crash in early November and the merger in mid-September.

In a subsequent tweet, Santiment added that while ETH’s “sky-high active deposits” on exchanges are at their highest level since November, ETH is now showing signs of decoupling from BTC and may be on the verge of breaking the $2,000 level.

Additionally, a record amount of ETH was burned this weekend.

That’s because memecoin season is running at full capacity right now – most memecoins work on Ethereum and are therefore actively migrating with high ETH fees, providing a great opportunity to burn ETH and reduce the circulating supply. .

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According to USA Today

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