Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit

Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin. 

Ether trades at $2,382 at the time of writing. 

Ethereum co-founder won’t sell Layer 2 token holdings for gains

Ethereum active addresses surged nearly 10% in September. Alongside a rise in active addresses, there has been an increase in supply on exchanges. Exchange supply is up to 21.01 million, per Santiment data. 

Rising exchange supply increases the availability of Ethereum to sell and contributes to selling pressure on the asset. While ETH holders keep their eyes peeled when co-founder Vitalik Buterin makes on-chain transfers, the latter has assured them that it is not intended for profit-taking. 

Buterin has not sold Ether for profit since the 2018 ICO. 

The Ethereum co-founder informed his followers on X that the same applies to Layer 2 tokens and he intends to send these assets or proceeds from their sales to charities. Buterin is known to send funds to protocols that he finds useful within the Ethereum ecosystem

Ether trades under $2,400

Ethereum trades at $2,385 at the time of writing. The altcoin added 0.69% to its value on the day. The second largest cryptocurrency is on its path to recover from August 5 low of $2,111.  

On-chain data from Lookonchain shows that the Ethereum foundation transferred 1,000 Ether to a multisignature wallet.