cryptopotato.com
Vitalik Buterin has ramped up $ETH sales again. On-chain data revealed that the Ethereum co-founder sold 1,869 $ETH worth roughly $3.67 million over the past two days.
During the same period, Ethereum’s native token declined from about $1,980 to $1,850, a drop of over 5%.
$ETH Sales
The transaction pattern is similar to a previous episode, when Buterin sold 6,958 $ETH worth approximately $14.78 million, which coincided with a sharper 22% price slide from $2,360 to $1,825, according to an update shared by blockchain analytics firm Lookonchain.
The latest sales came a day after Lookonchain flagged Buterin’s withdrawal of 3,500 $ETH from Aave. $ETH has been under pressure as the broader market downtrend continues since the crypto asset reached highs above $4,900 in August last year.
Sales linked to Buterin have exceeded 8,000 $ETH since February 2, as per data. Earlier this year, Buterin said he would withdraw and liquidate 16,384 $ETH and explained that the funds would be directed toward ecosystem development, open-source software efforts, as well as infrastructure support as the Ethereum Foundation enters what he called a phase of “mild austerity.”
Despite the recent disposals, on-chain intelligence from Arkham Intelligence disclosed that Buterin continues to hold more than 224,000 $ETH, which is valued at around $429 million at current market prices. An earlier Arkham analysis of Buterin’s wallet activity revealed that Buterin’s wealth remains overwhelmingly tied to $ETH’s price performance, with limited diversification into other assets.
In contrast to Buterin’s recent $ETH sales, Erik Voorhees is moving in the opposite direction. The ShapeShift founder has begun buying back $ETH after selling a large portion last year.
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About a year ago, Voorhees sold 11,616 $ETH for approximately $33.94 million at an average price of $2,922. More recently, he spent around $20.38 million in USDC to repurchase 9,911 $ETH at an average price of $2,057.
Fragile Market Condition
Crypto market account Whale Factor warned that Ether is approaching a “massive crossroads” and pointed to a recent breakdown below a long-standing trend line, followed by a sharp 41% sell-off, which was characterized as severe and destabilizing for market structure.
According to Whale Factor, the altcoin is now trading near a critical support zone around $1,750. If this level fails to hold, the downside risk could accelerate and potentially lead to a deeper decline similar to conditions seen earlier in the year. $ETH is also facing thin liquidity, meaning fewer buyers are present to absorb selling pressure, which could amplify price moves.