Amidst the 2023’s rally, several were moving funds across the cryptocurrency ecosystem. However, a significant magnitude of Ethereum [ETH] was moved by the creator of the network Vitalik Buterin over the last couple of days.
It was brought to light that Buterin transferred a whopping 9,300 ETH worth nearly $12 million. It should be noted that this transfer was made over the last 20 days between two wallets. The Ethereum co-founder sent these funds to a whale address “0x9e92”. This wallet currently entails 170,913 ETH worth $259 million.
Additionally, the address ending with “0xd04d” also received 70,000 ETH from Vb3. Buterin is speculated to be behind this wallet.
Back in November 2022, a wallet that was controlled by Buterin had reportedly sold 3,000 ETH. This transfer was made in less than 24 hours of FTX filing for bankruptcy.
The reason behind the movement of nearly 10K ETH was contested by many. Several suggested that Buterin was selling his holdings to make immediate profits. A few others, however, noted that this was nothing. While the movement of funds usually impacts the price of an asset, the state of Ethereum’s volatility amidst these transfers was questioned.
Did this move cause market volatility for Ethereum?
The volatility of Ethereum has significantly dropped over the last couple of months. ETH’s volatility currently stands at 0.01 which is a 98.97% plummet since a year ago.
Adhering to the market sentiment, Ethereum witnessed a major surge recently. The altcoin rose to a high of $1,602.11 earlier this week. However, at press time the asset was trading for $1,551.53 and had even dropped to a low of $1,450.99 last Saturday.
This correction was correlated to the asset’s recovery over the last couple of days. Most of the assets in the market encountered a slight setback after their rallies. Therefore, Buterin’s alleged transfers barely made an impact on the price of ETH.