• Ethereum co-founder Vitalik Buterin has recently made a $1 million transfer to Coinbase.
• His current exchange deposits have risen to $4.37 million in year-to-date.
• Despite speculation, the price of ETH experienced minimal impact from the transfer.
Ethereum co-founder Vitalik Buterin recently transferred 600 ETH (worth approximately $1 million) to Coinbase, raising his exchange deposits to a total of $4.37 million year-to-date according to Arkham Intelligence data. Despite recent speculation surrounding the transfer, it had minimal impact on the price of ETH which is currently trading for $1,665.4 at the time of writing.
The crypto market is currently faced with uncertainty after a largely positive run in 2023, with leading currencies like Bitcoin and Ethereum experiencing double digit drops in value over the past week per CoinGecko data. This added further fuel to speculations surrounding Buterin’s latest crypto asset transfer which sparked debates over his intentions with such a large sum of money being moved around during uncertain times for the market as a whole.
According to Arkham Intelligence data, Buterin has been steadily increasing his exchange deposits since the start of 2023 with Kraken being typically his platform of choice when transferring funds from one place to another. Since January 2021, he has sent more than $3 million worth of crypto assets to Kraken alone and this latest deposit has only raised that amount by an additional $1 million bringing it up to 4.37 million in total year-to-date.
Despite all the speculations surrounding Buterin’s latest ETH transfer, it is worth noting that there was minimal impact on its price as ETH continues trading for roughly the same amount as before at around $1,665 at press time according to CoinGecko data . This could indicate that investors were not overly concerned about what might happen if such a large sum was sold on exchanges during uncertain times for cryptocurrency markets overall or that they do not believe any selling will take place at all yet for now anyway due to other factors going on within Ethereum itself right now perhaps?
Lookonchain reported that prior to sending this most recent deposit off into Coinbase, Buterin had repaid 251,000 RAI on Maker and released 1,000 ETH (worth roughly $1.67 million at the time). This could suggest that he closed out some sort of lending position in order free up funds before transferring them into Coinbase but again this is just speculation until we hear more information officially from himself or someone else close involved who knows exactly what was going on behind closed doors here!