Ethereum founder Vitalik Buterin is selling off millions of dollars worth of Ethereum (ETH), adding bearish pressure to an already weak market.
According to data tracked by blockchain sleuth Lookonchain, Buterin sold 1,869 ether worth $3.67 million and withdrew 3,500 ether from Aave in two days.
CoinDesk data shows that the price of ether has fallen nearly 3% in the past 48 hours, hitting a 20-day low of $1,844 early Monday. The coin has been in a downward trend since hitting highs above $4,900 last August.
It is speculated that Buterin has sold nearly more than 8,000 ether since February 2. These sales follow his announcement on January 30 that he would withdraw and liquidate 16,384 of his ether to fund ecosystem development, open source software, and other key initiatives while the Ethereum Foundation enters a “mild tightening” phase.
However, Buterin holds more than 224,000 ether worth $429 million at the time of writing, according to Arkham Intelligence.
While Buterin has been reducing his stake, that supply is being gobbled up by the likes of ShapeShift founder Erik Voorhees and whales associated with crypto service provider Matrixport.
