Ethereum co-founder Vitalik Buterin appears to have concluded his recent Ethereum (ETH) selling spree, according to on-chain analytics platform Lookonchain.
In total, the Canadian prodigy has sold a total of 19,326 ETH, netting approximately $39.36 million. The sales were executed at an average price of $2,037 per token.
Recent transaction logs from Arkham Intelligence show a slew of transfers originating from Buterin’s Gnosis Safe. The sales were executed as Wrapped Ethereum (WETH) settlements through the CoW Protocol.
Buterin was performing transactions of 70.776 WETH (worth roughly $146,000), 45.455 WETH, and smaller chunks of 14.894 and 7.447 WETH over the span of several hours.
He was able to secure better pricing and minimize his slippage.
No surprises
Buterin’s recent actions were entirely expected. Buterin announced this selling plan on Jan. 30. In his public disclosure, he stated his intention to withdraw and liquidate exactly 16,384 ETH (which was valued at nearly $45 million at the time).
He explained that the capital allocation was meant to finance the development of secure, verifiable open-source software and hardware. He noted that the funds would be deployed over the coming years across several sectors.
With the prominent founder’s wallet finally pausing its outbound transfers, the Ethereum community is breathing a collective sigh of relief. However, it remains to be seen whether the token will be able to rally.
Ethereum (ETH) is currently changing hands at $2,029, according to CoinGecko data.