Ethereum co-founder Vitalik Buterin is offloading millions of ether (ETH), adding bearish pressure to an already weak market.
Buterin has sold 1,869 ether, worth $3.67 million, over two days after withdrawing 3,500 ether from Aave, according to data tracked by blockchain practitioner Lookonchain.
Ether’s price has fallen nearly 3% over the past 48 hours, hitting a 20-day low of $1,844 at one point early Monday, CoinDesk data shows. The token has been in a downtrend since reaching a high of over $4,900 last August.
Since February 2, Buterin has reportedly sold over 8,000 ether. These sales follow an announcement on January 30 that he would withdraw and liquidate his 16,384 ether to fund ecosystem development, open source software and other key initiatives as the Ethereum Foundation enters a “mild austerity phase.”
At the time of writing, Buterin still had over 224,000 Ether, worth $429 million, according to Arkham Intelligence.
While Buterin has been trimming his holdings, that supply is being gobbled up by the likes of ShapeShift founder Erik Voorhees and a whale affiliated with crypto service provider Matrixport.
