Vitalik Buterin Sold $100,000 in Ethereum: Price Impact

Vitalik Buterin Dumps $100,000 in Ethereum (ETH): What’s Next?

Written by
David Thomas

Edited by
Ali Martinez

05 March 2024 19:06 UTC

Trusted

Ethereum co-founder Vitalik Buterin recently sold $100,000 worth of ETH, prompting speculation on the asset's price stability.
However, others suggest that a surge in the ETH/BTC ratio reflects increased accumulation historically linked with an uptrend.
IncomeSharks suggested that Ethereum might be experiencing a rotation of funds attendant with a potential bottom before highs.

Vitalik Buterin, the founder of Ethereum, recently offloaded a notable chunk of his ETH holdings.

The transaction, tracked by blockchain experts, raises questions about Ethereum’s price stability. Yet, despite this, crypto analysts’ optimism regarding the asset’s future trajectory persists.

Ethereum’s Fate After Vitalik Buterin’s Sell-Off

Buterin has sold a significant amount of Ethereum (ETH), amounting to approximately $100,000. According to the blockchain security company PeckShield, the transaction involved the transfer of 30 ETH to Railgun. It was followed by a swap of roughly 27.63 ETH for 100,000 USDC, which were then bridged to the Base blockchain.

This action by Buterin could raise concerns about the potential impact on Ethereum’s price. However, despite this sell-off, sentiment within the crypto analyst community remains largely optimistic.

Notably, a well-regarded crypto influencer, known as Wolf, maintains a bullish outlook on Ethereum’s future. He highlighted that although Ethereum has seen a significant price increase to $3,700, the ETH/BTC ratio shows signs of accumulation. Wolf suggested that the market should prepare for a significant uptrend, with projections for Ethereum’s price reaching between $10,000 and $15,000, which he deemed a conservative estimate.

Adding to the optimism, another prominent voice in the cryptocurrency market, IncomeSharks, pointed out that Ethereum might be experiencing a rotation of funds. According to his on-chain analysis, the ETH/BTC ratio indicates a potential bottom, aligning closely with major resistance levels historically associated with all-time highs.

“Might finally be seeing some money rotating. ETH/BTC looks good for a bottom here which aligns well with major all-time high resistance,” IncomeSharks said.

Ethereum (ETH) Price — ETH/USD Price Chart. Source: Tradingview

These perspectives support the notion that Ethereum’s sell-off, led by its founder, may not adversely affect its long-term price trajectory.