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.
After vitalik.eth transfer 200 $ ether($396K) to #sea monsterthe ETH Foundation also transferred 15,000 $ ether($29.7 million) to #sea monster.https://t.co/FPVeH3Z8sJhttps://t.co/AHALnpKtxd pic.twitter.com/iLIHghJUIX
— Lookonchain (@lookonchain) May 6, 2023
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.
🚀 Update our report #EthereumSky-high active deposits, exchange addresses interacting on the network, are now at their highest level since November 2021. as expected, $ ether It is showing signs of decoupling and is about to break through $2000 again. https://t.co/zYjY7669yj https://t.co/dQlKsTVyt2 pic.twitter.com/2nMXOUGgYC
– Santiment (@santimentfeed) May 5, 2023
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