Vitalik Buterin goes on another Ethereum selling spree

Vitalik Buterin has resumed selling Ethereum (ETH), offloading millions of dollars’ worth of ETH as the cryptocurrency extended its recent pullback.

Insights indicate that Buterin sold 1,869 ETH, valued at approximately $3.67 million, over the past 48 hours, according to the latest on-chain data reviewed by Finbold on February 23 from Lookonchain.

Over the same period, Ethereum’s price declined from $1,988 to $1,875, marking a 5.7% drop. By press time, Ethereum was trading at $1,916.

The latest transactions follow a larger sale earlier this month, when Buterin disposed of 6,958 ETH worth about $14.78 million. That previous round of selling coincided with a sharper market reaction, as ETH fell from $2,360 to $1,825, a 22.7% decline.

This brings his total February sales to more than 8,800 ETH, valued at roughly $16 to 18 million depending on execution prices, averaging around $2,077–$2,100 per ETH. 

Buterin’s ETH selling plans

The sales follow Buterin’s January 30 announcement that he would gradually liquidate 16,384 ETH held through his Kanro entity. 

At the same time, the funds are intended to support Ethereum ecosystem development, open-source software, research grants, privacy technology, and other initiatives during what he described as a period of “mild austerity” for the Ethereum Foundation.

Recent activity included withdrawing 3,500 ETH from the Aave DeFi protocol before converting and selling portions, often into stablecoins such as GHO and USDC.

While it is not uncommon for prominent crypto figures to move funds for liquidity, operational expenses, or charitable purposes, the timing of these sales has drawn attention from traders. 

Indeed, this comes as Ethereum’s broader trend remains under pressure, with the asset struggling to reclaim the key psychological level near $2,000. 

The recent series of sales by its co-founder comes as sentiment across the crypto market remains fragile, amplifying the impact of high-profile transactions on price action.

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