Vitalik Buterin Sparks Speculation With Major ETH Transfer, What’s Happening?

Ethereum’s Vitalik Buterin has ignited several  speculations across the broader crypto market today, moving over half a million worth of ETH. On-chain data hovering over the horizon indicates 200 ETH, worth $535K, moved from a Buterin-linked address to an unknown wallet. This transaction has caused a bustle among global market participants, whereas other massive transactions by industry entities followed.

So, let’s take a closer look at the latest on-chain developments surrounding Ethereum, the second-largest crypto by market cap.

Vitalik Buterin Moves 200 ETH

According to the insights offered by PeckShieldALert on X today, August 9, the Vitalik Buterin linked address 0xd8… moved 200 ETH, worth $535,930.65, to the unknown address 0xebb. The motive of the transaction remains unclear at the moment.

Meanwhile, a couple of other entities, such as Genesis and the Rain exchange hacker, moved massive amounts of the crypto today. The Rain crypto exchange exploiter moved 721 ETH, worth $1.7 million, to the Tornado Cash coin mixer. Simultaneously, data revealed that Genesis bankruptcy distributions-related address transferred a whopping 10.7K ETH, worth $28 million, to 2 new addresses.

Along with Vitalik Buterin’s transfer, these transactions have garnered additional attention, primarily due to the ETH price gaining unprecedentedly. With only $2.9 million in outflows recorded in the ETH ETFs as of August 8, the price upswing has sparked significant market optimism for the asset.

Also Read: Crypto Prices Today August 9: BTC Tops $61K, SUI Soars 30% Amid Market Uptrend

Ethereum’s Market Performance

In the interim, the ETH price chart showcased gains worth 8.85% over the past day to trade at $2,657.16. Its 24-hour bottoms and peaks were recorded as $2,414.25 and $2,721.95, respectively.

Coinglass data revealed a significant 15.05% surge in the coin’s OI to 10.56 billion. Further, the derivatives volume followed by soaring 4.76% to $38.66 billion, flagging a market uptrend for Ethereum.

Besides, it’s worth noting that 206,000 ETH options are set to expire today with a put-call ratio of 0.96. This is equivalent to a notional value of a whopping $560 million.

Also, the coin’s devs recently held a meeting to confirm the functionality of the Pectra Devnet 2 upgrade, sparking discussions surrounding the asset’s ecosystem. The Pectra Devnet 2 has achieved 85% network participation, although bugs in execution layer (EL) clients persist, presenting complexities to the upgrade.

Also Read: Solana Silently Patched A Critical Security Vulnerability