In a recent Warpcast post on October 17th, Ethereum founder Vitalik Buterin sought to clarify a common misunderstanding prevailing in the cryptocurrency community. He addressed the misinterpretation of his Ethereum transfers, emphasizing that when an article claims “Vitalik sends XXX ETH to [exchange],” it doesn’t entail him selling his holdings for personal gain.
Rather, these transactions mostly involve donations to charities, non-profit organizations, or other projects, with the recipient often selling the crypto to cover their operational expenses. Buterin underscored that he hasn’t engaged in “selling” ETH for personal gain since 2018.
Buterin’s message comes in response to mounting confusion among cryptocurrency enthusiasts and investors who have often misinterpreted these transfers as sell-offs. This misconception has occasionally led to bearish sentiments affecting the overall market.
The clarification from the Ethereum co-founder follows a recent report indicating that Kanro, a charitable organization associated with Vitalik Buterin, has executed several significant transfers of USDC (USD Coin) in the past week.
A total of 15.43 million USDC was moved to a multi-signature wallet, with 500,000 USDC being sent to Coinbase on October 14th and a substantial sum of 14.93 million USDC transferred to Gemini on October 16th.
Back in June 2023, Vitalik introduced Kanro, which primarily receives funding from Crypto Relief, an initiative led by Polygon founder Sandeep and Vitalik himself. Kanro focuses on researching global solutions for the COVID-19 pandemic and potential future epidemics.
In recent months, Buterin’s cryptocurrency transfers have consistently drawn public attention, with the cumulative value of transfers from his wallets surpassing $3.9 million in September alone. Notably, on September 24th, a transaction involving 400 ETH, valued at approximately $600,000 at the time, was sent to Coinbase.
Another noteworthy transaction occurred on August 21st, when a total of 600 ETH, equivalent to $1 million, was moved from the “vitalik.eth” address, an event tracked and identified by on-chain monitoring platforms.
Ethereum Price Analysis
Despite ongoing discussions and speculations surrounding Buterin’s activities, Ethereum’s market performance remains a topic of interest. As of the most recent data, the price of Ethereum stands at $1,572.63, with a 24-hour trading volume reaching $5,078,433,188.
Over the past 24 hours, Ethereum’s value has experienced a minor decline of 1.02%. Regarding market capitalization, Ethereum currently ranks as the second-largest cryptocurrency, boasting a live market cap of $189 billion.
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