Surprising Move by Ethereum Co-Founder: Buterin Transfers $0.63 Million ETH to Coinbase

Crypto News – The co-founder of Ethereum (ETH), Vitalik Buterin, has made a remarkable move by depositing a sizeable quantity of Ethereum into Coinbase, which is roughly comparable to $0.63 million, during a volatile situation in the cryptocurrency market. This choice raises concerns about Buterin’s objectives and tactics. His cryptocurrency activities have also been made more intriguing by recent transactions involving his ETH holdings.

Surprising Move by Ethereum Co-Founder: Buterin Transfers $0.63 Million ETH to Coinbase

Data from the Ethereum blockchain scanning tool Etherscan shows that Buterin made the most recent transfer to Coinbase on Monday, depositing 400 ETH worth approximately $0.63 million. Many in the crypto world are considering the consequences of this shift.

The deposit, in the meantime, continues a recent trend of Buterin’s cryptocurrency transfers, further piquing interest in his plans and intentions. His wallet address had witnessed several significant ETH transactions over the previous week. This trend makes it unclear whether these actions are essentially portfolio management or are part of a bigger strategy.

When we take into account Buterin’s recent transactions, the mystery surrounding his transfer operations grows. His wallet address sent 300 ETH to Kraken, another significant cryptocurrency exchange, in addition to the 400 ETH he had put on Coinbase. Additionally, about 200 ETH from his wallet were converted into USDC, a stablecoin pegged to the US dollar. Given all these actions, it is unclear what exactly Buterin is trying to do, but it seems to be further fueling the chaos in the industry.

Volatility Hits Ethereum Too

Ethereum, the second-largest cryptocurrency by market capitalization, experienced a 3.5% decrease during the previous week, illustrating the recent extreme volatility of the cryptocurrency market. The price of Ethereum dropped 0.70% to $1,581.32 while its one-day volume increased to $4,05 billion during the time that the article was being written.

When this is the case, any big actions taken by prominent players might affect the broader market story. Market players and enthusiasts are keeping a close eye on his activities and transfers in an effort to assess the potential effects on Ethereum and the larger cryptocurrency market.