On May 7, two whales dumped 19,090 Ethereum (ETH), worth approximately $35.7 million, on Uniswap.
The sales came after Vitalik Buterin, co-founder of the Ethereum blockchain and founder of Ethereum, sold nearly $30 million worth of coins on Kraken, a US-based central exchange a few hours ago.
The panic may have started when the first whale transferred 9,950 ETH for 18.63 million DAI. Soon after, another whale dumped 9,140 ETH for 17.07 million DAI.
DAI is an algorithmic stablecoin that tracks the value of the US dollar. It is issued on Ethereum by MakerDAO, one of the largest decentralized finance (DeFi) protocols.
After these sales and Buterin’s exit from the market, Ethereum prices have been dropping according to CoinMarketCap (CMC) data.
Recent actions by Buterin and the Ethereum Foundation have raised questions about whether ETH will sustain the bullish trend seen in the first quarter of 2023.
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The last time the Ethereum Foundation sold its holdings, ETH slid into a prolonged bear market. It is not yet clear if prices are currently peaking and if sellers will force the currency lower in the coming sessions.
Vitalik Buterin regularly sells Ethereum
Even in the midst of this uncertainty, Buterin regularly sells his stock through his exchange of choice, Kraken.
In 2019, Vitalik Buterin transferred 92,000 ETH worth $11.5 million from one wallet to the exchange.
Recently, on-chain data shows that Vitalik sold all of his free tokens, which included 50 billion MOPS tokens for 1.25 ETH, about $2,000, 500 trillion SHICK for 380 ETH, about $600,000, and 10 billion CULT tokens. for 58 ETH, roughly $91,000; Netting approximately $700,000
Furthermore, blockchain security firm PeckShield revealed that Vitalik sold 3.4 million BITE tokens for 4.9 ETH. Buterin also transferred 214 ETH to an EthDev address.
The wallet is believed to be controlled by Ethereum co-founder Vitalik Buterin Sold 3,000 ETH, converting cryptocurrency into USD-backed stablecoins via decentralized exchange Uniswap.
In an interview, Buterin revealed that he personally orchestrated the sale of 70,000 ETH in 2018, when the coin was trading around an all-time high, receiving $100 million.