Buterin Shifts 649 ETH to Paxos as Ethereum Faces Resistance

• Buterin’s linked wallet deposits 649 ETH to Paxos, part of a 1,300 ETH sale in 11 days.
• Ethereum whales purchase 10,083 ETH worth $26.8M as Buterin continues selling ETH.
• ETH’s price drops 2% following Buterin’s wallet transfers, struggling with resistance at $2,700.

Ethereum co-founder Vitalik Buterin sold over 1,300 ETH in the last 11 days. According to on-chain data provided by Spot On Chain, Buterin’s wallet, identified as “0x556,” recently moved $1.72 million in ETH, worth 649 ETH, to Paxos, a crypto exchange. This transaction is part of a series of ETH sales as Buterin continues to reduce his holdings.

Wallet “0x556,” associated with @VitalikButerin, deposited the last 649 $ETH ($1.72M) to #Paxos ~20 hours ago.

Notably, on Sep 19, wallet “0x556” received 1,300 $ETH ($3.21M) from wallet “0xd04,” which got funded with 70K $ETH by Vitalik Buterin in 2022.

Over the past 11 days,… pic.twitter.com/tuRYZKGmiV

— Spot On Chain (@spotonchain) September 30, 2024

On September 19, Buterin’s wallet received 1,300 ETH worth $3.38 million from a wallet identified as “0xd04.” This wallet  identified as “0xd04” received 70,000 ETH from Buterin in 2022. In the last 11 days, Buterin transferred all the 1,300 ETH on Paxos at an average price of $2,581 for one ETH. The sum of the transfers is approximately $3.35 million.

Buterin’s sales of Ethereum come even as the currency shows resistance after peaking at $2,700. The ETH price faced selling pressure from this level, correcting 2% amid recent transfers. At the time of writing, ETH was trading at $2,635.66. Market capitalization was $316 billion. Some speculate as to why Buterin made these transactions, while his new “Ethereum Alignment” project promotes a more decentralized environment.

Ethereum Whales Show Interest in Buying the Dip

An on-chain tracking service, Lookonchain, reported a large whale flow. This particular trader, along with institutions, indicates that there is more to come for Ethereum in the long run. The Ethereum ETF inflows started coming in the last week, indicating institutions’ participation. The recent whale activity shows the investors’ confidence in the revival of the Ethereum price despite facing widespread resistance at the current levels

While Buterin is unloading, the Ethereum whales continue to accumulate. Over the past 24 hours, a trader with a win rate of 100% bought 10,083 ETH, worth $26.8 million. This whale has managed to make 10 ETH swing trades beginning from August 12 and made a profit of $2.14 billion.

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