The founder-related wallet moves are always important, mainly during the turbulent crypto market. In such a scenario, Ethereum founder Vitalik Buterin has sold ETH worth around $7.3 million in just three days, as the transactions occurred during a period when ETH is experiencing persistent monthly losses and volatility, which raises fears about major on-chain moves.
On-chain analytics tool Lookonchain said that Buterin sold 3,788.57 ETH, coinciding with Ethereum’s current bearish trend. The previous day, ETH had plummeted to $1,858, indicating further downward pressure.
According to Arkham Intel data, Vitalik Buterin’s portfolio stands at $432 million, and at present, he holds 224.106K ETH, which covers the portfolio value of $408.37 million. As a result, the recent ETH sales of Buterin are only a small fraction of the present total portfolio.
At the same time, Buterin spoke that perfect crypto security remains unattainable due to the complexity of human intent and the limitations of code. For that, he stressed a layered security, intended to improve user safety and limit systemic risks.
While writing the article, ETH is trading at $1,821.55, down 3.42% on the day. The asset has declined more than 8% over the past seven days and dropped around 37% in the past month. Meanwhile, the daily trading volume increased by 25%, which indicates high market activity even during the price drop.
According to Coinglass data, Ethereum’s total liquidations stand at $105.48 million over the past 24 hours, with the majority wiped out by the long positions, which are around $81 million, which signals that bullish traders were affected the most. In addition, the open interest also been negative, which is down 2.41% shows that the traders are closing positions and that fresh capital inflows remain limited.
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