Ethereum co-founder Vitalik Buterin has reportedly transferred $14.93 million worth of USD Coin (USDC) to the cryptocurrency exchange Gemini. The transaction was detected by blockchain analytics firm PeckShield and independently verified.
— PeckShieldAlert (@PeckShieldAlert) October 17, 2023
The funds were originally received from Kanro, a charity affiliated with Buterin, on October 14. This transfer comes on the heels of another significant transaction where Buterin transferred nearly $500,000 to Coinbase three days prior.
These transactions are part of a broader series of transfers that Buterin has been making to centralized exchanges. In September alone, transfers from Buterin’s wallets totaled more than $3.9 million. Back in September, he transferred 400 ETH worth around $600,000 to Coinbase.
The purpose of these hefty transactions is unknown, but they have sparked speculation among crypto enthusiasts. Some suggest that such large transfers could indicate that Buterin is buying back Ethereum.
Despite these significant transfers, the price of Ethereum’s native currency Ether (ETH) held steady. According to price data from Coingecko, the price of Ether fell just 0.68% in the hours following the news of the transfer, and it’s currently trading at $1,585.
Ethereum Foundation Cleared the Air Regarding Buterin’s Actions
The transaction, which was tracked by several blockchain platforms, was initially believed to be a transfer from Buterin to the crypto exchange Gemini.
However, the Ethereum Foundation has stated that this was not the case. According to a spokesperson from the foundation, the transaction was simply Buterin’s Ethereum Name Service (ENS) approving a transfer from a charity multisig wallet to fund a grant. The spokesperson further clarified that the funds never left Buterin’s wallet.
Buterin’s recent transactions highlight the dynamic and often unpredictable nature of the cryptocurrency market. As one of the leading figures in the crypto space, Buterin’s actions are closely watched and can have significant implications for Ethereum and other cryptocurrencies.
In the realm of cryptocurrency, large transfers to centralized exchanges are often interpreted as a precursor to a sell-off.