Specifically, Vitalik Buterin transferred 3,000 ETH from the address “vitalik.eth” to the address marked “Vb 2” on another chain, worth about $4.95 million, surprising the community.
#PeckShieldAlert vitalik.eth labeled-address has transferred 3K $ETH (~$4.95M) to Vb 2 labeled-address pic.twitter.com/f8ETU42TrD
— PeckShieldAlert (@PeckShieldAlert) August 28, 2023
This big move by Vitalik follows last week’s action of 600 ETH to US-based cryptocurrency exchange Coinbase.
The reason for the move is still unknown, but Vitalik’s trading comes as the overall crypto market remains fragile following a sharp correction. Last week, ETH price fell below $1700 for the first time since June and continued to trade at $1,650.
24h ETH price chart. Source: CoinMarketCap
However, data from blockchain analytical firm Glassnode shows that Ethereum holders are jealously guarding their holdings as they rapidly send their assets off crypto exchanges. According to the data aggregator, the amount of ETH held on exchanges is 14.88 million, a level not recorded since 2018.
Source: Glassnode
Exchange outflows usually suggest a bullish sign that the asset is being held for its long-term benefit. Going by this, it means ETH holders are less concerned about its recent poor price performance.
Ethereum also recently made headlines through the OnlyFans report that in 2022, it bought $19.89 million worth of ETH. However, as of November 30, 2022, this holding is losing $ 8,455 million, meaning that the purchased position is only worth about $ 11.435 million. The price of ETH in 2022 has dropped by more than 50%, from $3,000 to just $1,217.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
