Vitalik Buterin Sells 17,000 ETH As Ether Price Drops 37%

Ethereum co-founder Vitalik Buterin has sold around 17,000 ETH, worth about $43 million, over the past month to support projects related to the use of technology for privacy and security.

Data from Arkham Intelligence shows that Buterin’s wallets had about 2,41,000 ETH at the start of February, but the balance has now dropped to roughly 2,24,000 ETH after steady sales.

The transactions were carried out through the CoW Protocol and split into many smaller trades instead of one large sale. Although this approach lessens the impact on the market, it leads to ongoing selling pressure.

The sales coincide with a challenging period for Ether, which has dropped over 37% over the last month and is currently trading close to $1,900. Lower staking rewards of around 2.8% have also made holding ETH less attractive for some investors.

Buterin has stated that while the Ethereum Foundation advocates conservative spending, the money will be utilised over a number of years to assist the development of secure software, open hardware, and privacy technologies.

Corporate holders have also been impacted by the price decline; Bitmine Immersion Technologies, for example, has suffered significant unrealised losses because Ether is still much below their purchase prices.

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