- Ethereum creator Vitalik Buterin has sold over 3,100 ETH, worth more than $6.1 million, via CoW Swap in recent days.
- Buterin previously stated the sales would fund Ethereum Foundation initiatives and support its long-term goals during a period of strategic “mild austerity.”
- ETH price has dropped approximately 4% in 24 hours, trading around $1,872, amid a broader market selloff.
- On-chain analytics firm Arkham Intelligence shows Buterin still holds about 224,000 ETH, valued at around $426 million.
Ethereum founder Vitalik Buterin has executed a series of multi-million dollar ETH sales in recent days, continuing a planned divestment strategy to support the network’s core development. On-chain data from Arkham Intelligence shows his wallets swapped over 3,100 ETH for stablecoins via decentralized exchange CoW Swap, totaling more than $6.1 million.
Consequently, his identified Ethereum holdings now stand at just over 224,000 ETH, valued at approximately $426 million. These transactions follow his recent disclosure that he would offload around $44.7 million of the asset to fund Ethereum Foundation initiatives.
Buterin framed this as part of a necessary financial strategy, stating this period of “mild austerity” “ensures the Ethereum Foundation’s own ability to sustain into the long term, and protect Ethereum’s core mission and goals.” However, the timing coincides with significant market pressure on ethereum’s price.
Meanwhile, ETH is down roughly 4% over the last 24 hours, recently changing hands around $1,872. This decline extends a broader downward trend, with the asset now over 62% below its all-time high set in August.
The founder has also been vocal about the network’s technical direction, recently suggesting the mainnet “needed a new plan” regarding layer-2 scaling solutions. Last week, he advocated for a new censorship-resistant upgrade, emphasizing a return to an ambitious “cyberphunk” ethos for the ecosystem.
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