What to know:
- Ethereum co-founder Vitalik Buterin has sold 1,869 ether worth about $3.67 million over two days, pressuring an already weak market.
- The latest sales are part of a broader plan announced in late January to fund ecosystem development and other initiative.
Vitalik Buterin, the creator of Ethereum, is selling large amounts of ether, which is contributing to the downward trend in the cryptocurrency market.
According to Lookonchain, Vitalik Buterin recently sold 1,869 Ether, totaling $3.67 million, after withdrawing 3,500 Ether from the Aave platform.
The price of Ether has dropped almost 3% in the last two days, reaching a low of $1,844 early Monday, according to CoinDesk. The cryptocurrency has generally been falling in value since it peaked at over $4,900 last August.
Starting February 2nd, Vitalik Buterin has reportedly sold nearly 8,000 Ether. This came after his January 30th announcement that he would sell his 16,384 Ether to fund projects supporting the Ethereum ecosystem, including open-source software, as the Ethereum Foundation begins to reduce spending.
As of today, Vitalik Buterin owns more than 224,000 ether, currently valued at $429 million, according to data from Arkham Intelligence.
Although Vitalik Buterin has been selling some of his Ether, individuals like Erik Voorhees, the founder of ShapeShift, and a large investor linked to Matrixport, a crypto service, are buying it up.
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2026-02-23 14:39