Vitalik Buterin Sells $7 Million in Ethereum as ETH Price Sinks 30%
Ethereum co-founder Vitalik Buterin is unloading thousands and thousands of {dollars}’ price of ETH right into a quickly declining market.
On February 22, Lookonchain revealed that Buterin withdrew 3,500 ETH— valued at roughly $6.95 million — from the DeFi protocol Aave. Within hours of the withdrawal, he had already bought 571 of these tokens for $1.13 million.
Buterin’s Selling Lands Amid Ethereum’s Oversold Signals
The sudden motion of belongings highlights a stark distinction between Buterin’s stated long-term financial strategy and his immediate market actions.
On January 30, the 32-year-old developer introduced that the Ethereum Foundation was coming into a interval of “delicate austerity” to realize its targets.
He withdrew 16,384 ETH to help the agency, planning to strategically deploy the tokens for long-term targets “over the following few years.”
Instead, the execution has been remarkably swift. Since February 2, Buterin has bought greater than 7,380 ETH for roughly $15.5 million at a median value of $2,100.
Combined with at this time’s transactions, the co-founder has liquidated over half of his designated austerity reserve in lower than a single month.
The concentrated promoting stress from the community’s most distinguished architect arrives at a precarious second for the asset.
ETH has plummeted 30% over the past month, presently buying and selling slightly below the psychological help degree of $2,000.
Institutional buyers and market contributors regularly view heavy founder liquidations throughout steep market drawdowns as a bearish indicator, whatever the said administrative intent.
Despite the persistent sell-side stress originating from Buterin, some blockchain intelligence companies argue the asset is flashing oversold technical alerts.
Data from Santiment signifies that ETH’s 30-day Market Value to Realized Value (MVRV) ratio factors to extreme technical undervaluation.
The MVRV metric, which compares an asset’s whole market capitalization to its realized worth to estimate common holder profitability, presently locations ETH at a 14.3% deficit.
According to Santiment’s information, Ethereum is probably the most aggressively discounted asset amongst main cryptocurrencies over the past 30 days. By comparability, Bitcoin reveals an undervaluation of 6.9%, Chainlink stands at 5.1%, XRP at 4.1%, and Cardano at 2%.
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