Ethereum’s co-founder, Vitalik Buterin, just made a million-dollar move. This massive financial maneuver has caught the attention of the crypto community. In the latest developments, Buterin deposited around 600 ETH, valued at nearly $1 million, into the Coinbase exchange. Prior to that, he repaid 250,000 RAI tokens and subsequently withdrew approximately $1.6 million worth of ether.
RAI is an Ethereum-based algorithmic stablecoin. These actions were spotted by the on-chain data tracking site Etherscan, coinciding with a 10% decline in Ethereum’s value over the preceding week. The motivation behind Buterin’s decision to move these funds to the centralized exchange Coinbase remains somewhat unclear.
Ethereum, together with prominent cryptocurrencies such as Bitcoin [BTC] and the XRP token affiliated with Ripple, encountered a notable setback attributed to various factors. One of these factors revolves around uncertainties regarding the potential approval of a U.S. spot Bitcoin ETF.
The situation escalated with the emergence of rumors last week that Elon Musk’s SpaceX was unloading its Bitcoin holdings, leading to substantial liquidations that caused a substantial loss of $1 billion within the market.
At the time of writing, Ether has experienced a minor recovery, showing positive price movement over the past 24 hours, trading at around $1,700.
Interestingly, this rebound has coincided with the prospect of the U.S. SEC potentially greenlighting several ETH Futures ETF applications. Noteworthy contenders, including ProShares, Volatility Shares, Bitwise, and Roundhill, are seeking regulatory endorsement to introduce Ethereum futures ETFs.
For the uninitiated, these financial instruments allow traders to speculate on ETF values without possessing the underlying asset—ether, in this case. A Bloomberg report dated 18 August, highlighted the growing anticipation for the SEC’s approval of Ethereum futures ETFs, with various asset management firms vying for regulatory acknowledgment.
Ethereum Whales Decreasing Appetite
The report suggested a positive outlook for this approval, which has prompted a flurry of applications from prominent firms. The Valkyrie Ethereum Strategy ETF, filed by U.S.-based AUM on August 16, is the latest addition to this trend.
However, amidst this bullish sentiment, Ethereum whales appear to have a contrasting stance. These large holders have consistently reduced their ETH appetite since mid-July, notably depleting their holdings by 1.12 million coins between July 14 and August 18.