Ethereum co-founder Vitalik Buterin is dumping millions of ether (ETH), adding downward pressure to an already weak market.
Buterin sold 1,869 ether, worth $3.67 million, over two days, after withdrawing 3,500 ether from Aave, according to data tracked by blockchain detective Lookonchain.
The price of Ether fell nearly 3% over the past 48 hours, hitting a 20-day low of $1,844 at one point early Monday, according to CoinDesk data. The token has been in a downtrend since reaching a high of over $4,900 in August last year.
Since February 2, Buterin has reportedly sold more than 8,000 ethers. These sales follow the January 30 announcement that it would withdraw and liquidate its 16,384 ether to fund ecosystem development, open source software and other key initiatives, while the Ethereum Foundation enters a phase of “light austerity”.
Yet, at the time of writing, Buterin held more than 224,000 ether, worth $429 million, according to Arkham Intelligence.
As Buterin has reduced his holdings, that supply is being gobbled up by the likes of ShapeShift founder Erik Voorhees and a whale associated with crypto service provider Matrixport.
