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Ethereum co-founder Vitalik Buterin has continued to sell Ethereum, bringing his total recent sales to 17,196 $ETH, worth approximately $35 million, according to on-chain data. The amount now exceeds his original plan to sell 16,384 $ETH.
In January, Buterin disclosed plans to liquidate a portion of his holdings to support long-term ecosystem initiatives. Proceeds from the sales are earmarked for privacy-focused projects and open-source development efforts.
He stated that the strategy was meant to reinforce the network’s infrastructure during a period of elevated volatility.
The sales were executed through both bearish stretches and recovery phases in the Ethereum market. The second-largest crypto asset was trading above $2,000 at press time, up about 5% in the last 24 hours, per CoinMarketCap.
Ethereum is still lower by roughly 30% so far this year, putting heavy pressure on companies’ balance sheets holding the asset.
Despite the sizable liquidation, on-chain data indicates Buterin still controls approximately 224,106 $ETH, a stake worth more than $460 million at current prices.
crypto.news
cointelegraph.com