Vitalik Buterin Moves Ethereum To Coinbase, ETH Price To Rally?

The recent move of Vitalik Buterin, transferring 100 Ethereum (ETH) coins to Coinbase has raised eyebrows in the crypto community. The co-founder of Ethereum, Vitalik is known for his transfers to several cryptocurrency exchanges and once again came into light.

On November 1, Vitalik’s Ethereum transfers to Coinbase were worth around $181,000.

Crypto Community Cryptic About ETH Transfer:

The move has been taken as a suspicion of something coming up, as Vitalik had previously stated that he had not sold ETH for personal benefit since 2018.

Speculative about the transaction, a few crypto analysts said that it could be for personal reasons or to fund another project.  However, the main reason or truth behind this cryptic transfer of 100 ETH worth $181,000 to Coinbase remains unclear.

Furthermore, it is also not sure if Vitalik will continue to sell his holdings or if this is a one-time event.

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Vitalik Clarifies, Says Did Not Sell ETH for Personal Gains:

In a tweet shared on X, formerly known as Twitter, Vitalik Buterin said, he has not made any transaction with the purpose of business or personal benefits since 2018.

However, he further clarified that the move of transferring ETH coins in the past few years is for charity and donations.  Vitalik further informed that if there is any information with titles like “Vitalik sends XXX ETH to [exchange]”, it’s not for selling, but always donating to some charity or nonprofit or other projects.  Whereas the receiver will eventually make money by selling the ETHs because they have to cover expenses.

Meanwhile, overall, since September 17, 2023, Vitalik Buterin has deposited 3,700 ETH, worth around $6.12M to Bitstamp, Paxos, and Coinbase.

The Ethereum price traded at $1,804.02, noting a surge of 0.62% over the past 24 hours, while its volume from yesterday fell 13.47% to $6.65 billion. The market cap of the second largest crypto was at $216.90 billion as of writing.

Notably, over the past seven days, the crypto’s price soared nearly 2%.

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