Blockchain sleuth account on X app @OnchainDataNerd has reported that it had noticed another piece of ETH sent by Ethereum co-creator Vitalik Buterin to the largest crypto exchange in the US — Coinbase.
Buterin keeps depositing ETH to Coinbase
This is not the first sale of ETH Buterin has made this year so far. He has been sending ETH not only to Coinbase but also to Bitstamp platforms. Previously, as reported by U.Today, he moved a substantial chunk of his brainchild crypto to Coinbase at the end of September this year.
2 hours ago, Vitalik Buterin deposited 100 $ETH ($181K) to #coinbase at $1810. pic.twitter.com/vsEyN7sbbV
— The Data Nerd (@OnchainDataNerd) November 1, 2023
Buterin has been selling ETH in small portions — 400 ETH on Coinbase in September — and he has moved 100 ETH there now. According to the aforementioned source, Vitalik sold 100 ETH for $181,000 at the price of $1,810 per coin.
In August this year, Buterin deposited approximately 600 ETH (worth roughly $1 million) to Coinbase. On Oct. 7, he moved 1,000 ETH to the Bitstamp exchange and sold it for roughly $1.64 million. Overall, Buterin’s wallet transferred 4,400 ETH to that centralized crypto exchange in September and October, per data shared by “Smart Money” tracker @lookonchain. This amount of ETH is the equivalent of approximately $7.23 million.
Zero impact on Ethereum price
Today’s ETH transaction to Coinbase made by Buterin and the likely sale that followed have not had any visible impact on the price of the second-largest cryptocurrency, Ethereum.
Since Oct. 24, after experiencing a peak of 12.87% rise within 48 hours, when ETH surged to $1,848, Ethereum has lost 2.3% in total, still trading above the $1,800 price level.
In late October, the above-mentioned source reported that several new wallets made a remarkable ETH purchase on exchanges as they withdrew 47,760 ETH worth $82.97 million at that time to their cold wallets.
$8,000 prediction for Ethereum
As reported by U.Today recently, global banking giant Standard Chartered stated that they expect Ethereum price to spike up to $8,000 within the next couple of years.
The grounds for making this bold prediction were the leading role of the Ethereum blockchain in the world of smart contracts, gaming, DeFi and the tokenization of traditional assets.
Also, recently, several large fund managers submitted filings to the U.S. regulatory agency, the SEC, to get permission to launch Ethereum spot ETFs. Many market players expect that should they be approved, the ETH price may skyrocket. So far, the SEC has around a dozen filings for Bitcoin spot ETFs under consideration, but Mike Novogratz, head of Galaxy Digital, expects the first BTC ETF to be approved this year.
