Vitalik Buterin, the co-founder of Ethereum, has recently transferred a substantial amount of Ethereum (ETH) to a Coinbase Custody Wallet, according to a tweet by Lookonchain.
The transaction involved 500 ETH, equivalent to approximately $1.1 million.
This move by Buterin has caught the attention of the cryptocurrency community, sparking discussions and speculation about his intentions.
Buterin’s clarification
In response to the growing curiosity and potential misunderstandings surrounding his actions, Vitalik Buterin took to Warpcast, a popular online platform, to clarify the nature of these transactions.
Buterin emphasized that his transfer of ETH to exchange platforms should not be misconstrued as personal selling. Instead, he explained that these transfers are predominantly donations to charities, nonprofits, or other projects.
The recipients of these donations then sell the ETH to cover operational expenses.
Buterin also pointed out that he has not sold ETH for personal profit since 2018, reaffirming his commitment to using his cryptocurrency holdings for philanthropic and project-based endeavors.
Ethereum’s current performance
The current market price of Ethereum stands at $2,156 after experiencing a slight decrease of 0.4%.
Despite the recent fluctuations, Ethereum’s market cap is robust, valued at approximately $259 billion.
The 24-hour trading volume for ETH is around $15.34 billion. The price has seen a 24-hour range between $2,151 and $2,251.
