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Vitalik Buterin Denies Claims Of Selling ETH As Holding Declines

Published

3 weeks ago

August 31, 2024

Ethereum co-founder Vitalik Buterin has recently refuted claims of selling ETH despite his holdings being on a decline. The co-founder today took to X, mainly denying allegations that he sold any of his proceeds, while also deeming the fall in holdings attributable to another reason.

Vitalik Buterin Says, “I haven’t sold and kept the proceeds since 2018”

In a post on X dated August 31, Vitalik stated, “I haven’t sold and kept the proceeds since 2018.” This statement underscored a ETH HODL plan, denying industry-wide allegations that claimed he sold his holdings recently.

Moreover, Buterin added that, “All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity.” This remark gave a clear understanding of why the co-founder’s holdings are declining, offering investors relief.

Intriguingly, Vitalik Buterin revealed three years ago that he held 325K ETH, worth $1.46 billion at the time. At present, Arkham Intelligence data illustrated that the co-founder held $606.65 million worth of ETH only. The constant fall in holdings, per Vitalik, comes as a broader approach to support the Ethereum ecosystem rather than him selling.

Also, CoinGape Media recently reported Vitalik’s massive transfer of 800 tokens to a multisig wallet. This transfer potentially aligns with the co-founder’s abovementioned plans.

Meanwhile, in another post on X, Vitalik Buterin spotlighted why DEXs outshine CEXs, revealing key reasons. According to Buterin, “DEXes are actually more convenient. No signup process, no accounts, no deposit/withdraw process, just go to the page, click swap, and confirm in your wallet.” This statement also appears to have sparked discussions across the global crypto community.

Ethereum Market Performance Today

Meanwhile, ETH price traded at $2,520 today, a slight 0.05% decline in the past 24 hours. The coin’s intraday lows and highs were $2,432.83 and $2,539.92, respectively. It’s worth noting that Ethereum currently shows signs of consolidation, moving sideways. This is also attributable to $0 net flows in Ethereum ETFs as of August 20.

While Vitalik Buterin’s comments have garnered optimistic market sentiments on the second-largest crypto by market cap, the coin conversely awaits a bullish breakout.

Also, Coinglass data garners additional investor enthusiasm for the asset, indicating heightened market interest today. The coin’s futures OI jumped 0.24% to $10.60 billion, whereas the derivatives volume skyrocketed 9.42% to $21.81 billion, adding optimism on future movements.