Vitalik Buterin’s Recent 15 Million USDC Move Raises Questions

A series of stablecoin transactions linked to Ethereum Co-Founder Vitalik Buterin has sparked curiosity and speculation within the crypto community.

According to on-chain analyst Lookonchain, Buterin received nearly 15 million USDC tokens from an address labeled Kanro four days ago. The funds were then deposited into the Gemini exchange yesterday, just prior to a surge in Bitcoin’s price.

Lookonchain also noted that Buterin had deposited 500,000 USDC into the crypto exchange Coinbase two days ago. They questioned what Buterin may have done with the stablecoins, given the timing coinciding with the surge in BTC’s price.

The Gemini deposit happened prior to the surge of Bitcoin to $30,000 for a brief period of time. The surge in price could have happened due to the false report that the BlackRock spot Bitcoin ETF was approved by the SEC.

Vitalik Buterin has been involved in significant transactions on multiple occasions. Specifically, on August 21, 2023, he deposited 600 ether (ETH) with a value of approximately $1 million in cryptocurrency into Coinbase.

Then, on September 24, 2023, he transferred 400 ETH, which was valued at $600,000 at the time, to Coinbase. The large transaction amounts and high-profile individuals involved make the activity stand out on-chain. However, the exact nature of the transaction remained unclear.

Nevertheless, the movement of USDC by Buterin hasn’t had any effect on the prices of major cryptocurrencies, including ETH. According to CoinMarketCap data, ETH is hovering below $1,600, showing signs of struggle to break past the resistance.