On-chain data shows that Ethereum co-founder Vitalik Buterin transferred 400 ETH, approximately $630,000, to Coinbase earlier today.
According to the Arkham Intelligence dashboard, the transfer continues a recent trend of transactions within the last seven days that has seen Buterin transfer more than 1,000 ETH, including today’s transaction, to exchanges, unknown addresses, and a Gnosis Safe Proxy wallet.
The motive for these transactions remains undisclosed. Typically, transfers to exchanges are seen as potential sell-offs. Given Ethereum’s recent price challenges, Buterin’s transaction might intensify selling pressure on the cryptocurrency.
Meanwhile, Buterin has sold part of his ETH’s holding at different periods this year. In August, Buterin transferred 600 Ether to Coinbase. Before then, he had sent 200 ETH to Kraken in March. Around the same period, Buterin dumped several unsolicited altcoins (sh*tcoins) for 439.25 ETH.
Per Arkham’s intelligence data, Buterin still holds a substantial amount of ETH, with nearly 250,000 Ether units worth $390 million in his address.
Ether price drops as it turns inflationary
Ether (ETH) has experienced a consistent decline in recent weeks, dipping below the $1,600 mark. Over the last seven days, it slipped by 3.2%, extending a 4.3% downtrend over the past 30 days.
The digital asset is currently trading at $1,577 as of press time.
This downturn in ETH’s value coincides with the asset’s return to being inflationary. Ultrasound.money data shows that its supply has increased by more than 6500 ETH during the last seven days, and its inflation rate is pegged at 0.29% as of press time.
Market observers have attributed the rising supply to the fallen network activity that has burned less ETH. For context, ycharts data shows that Ethereum’s daily transaction is down more than 20% from what was recorded around the same period last year.
ETH’s gas fee has also plummeted to a yearly low of around 12 Gwei, according to Etherscan data.
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