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Ethereum co-founder Vitalik Buterin has moved 800 ETH, valued at approximately $2 million, to a multi-signature wallet amid a significant price decline.

This transaction has drawn attention as it coincides with a period of heightened market volatility and liquidity pressures on Ethereum. The reasons behind this move remain speculative, but its timing highlights ongoing market challenges.

vitalik.eth(@VitalikButerin) transferred 800 $ETH($2.01M) to a multisig wallet again 40 minutes ago. The multisig wallet swapped 190 $ETH for 477K $USDC later. On Aug 9, #Vitalik also transferred 3,000 $ETH($8.04M) to this multisig wallet. etherscan.io/address/0xfeb0…

Buterin’s transfer of 800 ETH follows a notable transaction earlier in August, where he moved 3,000 ETH, worth approximately $8 million, to the same multi-signature wallet.

On August 19, he also transferred 400 ETH to a new wallet, signaling a pattern of substantial movements.

Additionally, Buterin has previously transferred 1,000 ETH to a different multi-signature wallet in June 2023 and 2,500 ETH to cold storage in April 2023.

Turning to the recent transfer, the wallet that received the 800 ETH has been actively involved in decentralized finance (DeFi) activities, including supplying 1,900 ETH to AAVE and swapping 190 ETH for 477,000 USDC. This suggests that Buterin’s moves could be related to strategic reallocations or security measures.

Despite the high-profile nature of these transactions, Buterin has consistently stated that he has not sold ETH for personal gain since 2018. Instead, he uses his holdings to support various communities and non-profits. His most recent charitable act includes a donation of Ethereum to aid victims of the February 2023 earthquake in Turkey.

The over $2M ETH transfer by Vitalik Buterin adds to an already tumultuous market condition for Ethereum. The price of ETH has dropped by over 24% in the past 30 days, with recent trading showing a decline of more than 5% in the last week alone.

Currently, ETH is priced at $2,517.95, after a 2.36% decrease over the past 24 hours. The market capitalization stands at approximately $302.911 billion, with a 24-hour trading volume of about $13.683 billion after a 16.63% decline.

The pressure on Ethereum’s price is further evidenced by a significant reduction in the total value locked (TVL) on the Ethereum chain, which has fallen by over 22% in the past month. This decline can be attributed to the liquidity outflows from ETH ETFs and increased selling pressures.

As Ethereum continues to face market volatility and evolving economic pressures, Buterin’s strategic decisions will be closely monitored by the crypto community. The uncertainty surrounding his recent moves adds another layer to the ongoing narrative of Ethereum’s market dynamics.

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