- Vitalik Buterin has vowed that this week’s ETH sale was the last.
ETH’s sentiment declined amid sell-offs from Buterin and the Ethereum Foundation.
As a researcher with years of experience in the cryptocurrency market, I have seen my fair share of sell-offs and market volatility. However, the recent series of ETH sales by Vitalik Buterin and the Ethereum Foundation has been particularly intriguing.
Vitalik Buterin, the creator of Ethereum (ETH), has reassured the community that the recent selling off of ETH should be considered final for this week.
In response to fresh criticism following a $441K ETH sale on September 12th, Buterin clarified that the transaction was an order placed in August and represented his final sale.
The sale made yesterday by the biodefense organization I support was initiated by an earlier Cowswap twap order, automatically placed on August 29th. This was the final transaction of that kind.
Buterin’s ETH sell-off and criticism
To put this into simpler terms, a twap strategy breaks down a big trade or order into multiple smaller parts that are executed over a specific time frame, rather than placing the entire order at once.
For Buterin, this translates to him having a substantial Ethereum (ETH) sell order split into multiple smaller ones, which he used to finance projects he found worthy.
Based on information from LookOnChain, the digital wallet associated with Buterin offloaded approximately 190 Ether on Thursday, and it has since sold a total of about 2.28 million dollars worth of Ether, starting from August 30th.
Instead, we can say that the creator broke down a single ETH sell-order worth $2.28 million into several smaller pieces to finance his various projects.
He consistently claims that he didn’t earn any personal profit from the sales, instead, the earnings were used to fund initiatives he strongly supported.
Nevertheless, the community perceives that their funds are being utilized to finance his philanthropy, which has damaged Ethereum’s public image and potentially led investors to incur losses.
One user seemed fed up with Buterin’s constant sell-off and said,
“Currently, Eth is facing intense negative sentiment (FUD), which may be at its worst in years or even ever. Selling during a downward trend goes against the efforts of fellow supporters working to advance Eth. It’s important to remember that Eth holders are not just sources of charity but partners in this journey.
Over the last few days, it appears that the general feeling among the community has been shaped significantly due to Buterin and the Ethereum Foundation’s large-scale selling of ETH.
It’s worth noting that the overall sentiment towards Ethereum (ETH) turned negative around the end of August, which happened to align with Vitalik Buterin’s period of selling off his ETH holdings.
The weak sentiment could also reflect overall crypto market conditions. However, the ETH FUD could undermine a strong recovery for the largest altcoin.
Based on information from Arkham, Ethereum’s co-founder, Buterin, continues to own approximately 240,000 ETH, which translates to more than half a billion dollars. It remains uncertain if he will follow through with his pledge to stop selling these assets.
Currently, at the moment of reporting, Ethereum’s price was having difficulty staying above $2500, even after a recent surge. However, this dip has wiped out all annual growth for ETH so far, but it has managed to hold its ground above the 2024 low of $2200.
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2024-09-12 15:04