- Vitalik Buterin moved 30,000 ETH out of his main wallet to the one used for sales, gifts and donations to charities.
- The wallet now holds $62 million worth of Ethereum.
- Analysts predict a downside target of $450 for ETH price as a worst-case scenario.
Vitalik Buterin pulled 30,000 ETH from his public wallet today, fueling a bearish sentiment among investors. Proponents have considered the likelihood of the sale of 30,000 ETH moved by Buterin and expect a negative impact on the Ether price.
Buterin moves 30,000 ETH out of public wallet
The co-founder of Ethereum has sparked fears among investors as he moved 30,000 ETH tokens from one of his multisig wallets. Buterin has previously used the destination wallet for sales, gifts, and donations to charities.
Buterin’s multisig wallet “Vb 3” recorded a transfer of 30,000 ETH to 0xD04daa65144b97F147fbc9a9B45E741dF0A28fd7.
Buterin’s 30,000 ETH transfer
The public wallet address now holds 290,000 ETH, The transfer is being seen as a bearish move or a signal that Vitalik Buterin is cashing out his Ethereum. While a mere move of a cryptocurrency from one wallet to another is not considered an indicator, Buterin’s transfer is out of his Ethereum holdings.
Proponents believe it is possible he may want to sell a portion of the 30,000 ETH.
Ethereum is trading around $2,086. At this rate, the transferred ETH accounts for roughly $62.58 million. If these tokens were to hit an exchange, a spike in selling pressure on the altcoin could increase substantially, pushing prices lower.
John Roque, an analyst at 22V Research, believes Ethereum remains in a bearish posture even though the token has retraced by more than 50% from its all-time high. Roque told Bloomberg,
Ethereum is oversold daily and oversold weekly and cannot rally.
The analyst believes Ethereum price could plummet another 80% from the current price levels and target $420.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.