Ethereum’s Vitalik Buterin Moves 600 ETH to Coinbase, What’s the Motive?

Vignesh Karunanidhi
Ethereum's Vitalik Buterin Moves 600 ETH to Coinbase, What's the Motive?
Source: Decrypt

Vitalik Buterin is a co-founder of Ethereum, the second-largest cryptocurrency by market capitalization. During the recent market downtrend, numerous individuals transferred funds within the cryptocurrency ecosystem. Notably, Buterin moved a substantial amount of Ethereum [ETH] recently.

On-chain data revealed that Buterin orchestrated a transfer of 600 ETH, which held a value of approximately $1 million. The ETH was moved in a single transaction to the cryptocurrency exchange Coinbase.

Buterin’s move comes amidst a recent market slump

The nature of Buterin’s recent transaction is not yet known. Some speculation indicates he could be selling, leading certain people to point out this as the start of a dumping season.

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Some analysts also point out that if Ethereum slips below the $1,600 to $1,550 support zone, it could open the door for a major correction of 37–45%, potentially targeting the $1,000 level. Breaking below key support might set the stage for significant downward momentum.

The movement also comes at a time when the price of ETH is not in its best shape. ETH is down from a 30-day high of $1,904 to a low of $1,551 and is currently trading at $1,673 at press time.