Ethereum co-founder Vitalik Buterin has drawn intense market scrutiny after on-chain data revealed he sold 2,961.5 ETH — worth roughly $6.6 million — over the past three days. The sales, executed through his Gnosis Safe wallet at an average price of $2,228, saw WETH tokens swapped for stablecoins like USDC and GHO via CoW Protocol. Although Buterin still holds over 300,000 ETH, the timing of these transactions during a bearish phase has triggered opposing reactions.
Transaction Details and Timing Controversy
Blockchain data shows the sales were spread across multiple batches, each ranging from tens to hundreds of ETH. Some social media users speculated that Buterin’s decision to sell near recent lows might reflect deeper market foresight. Others countered that his past track record — funneling proceeds into Ethereum projects, open-source software, and biotech ventures like Kanro — suggests these are funding moves, not profit-taking.
Cryptocurrency community responses split into two camps. Critics argued that high-profile selling could erode retail confidence, especially in a fragile market. Supporters emphasized that Buterin has historically treated his ETH holdings as a resource for public goods, not personal wealth accumulation. With his remaining stash valued at over $640 million at current prices, the proportional impact on his portfolio remains negligible.
ETH Price Under Pressure, Liquidity Holds
ETH traded around $2,150 during the news window, down 5% in 24 hours. Despite the dip, daily transaction volume exceeded $10 billion, indicating strong liquidity. Institutional buying continued in parallel, suggesting long-term sentiment has not turned entirely negative. The near-term outlook will likely hinge on broader market cues and Ethereum network fundamentals — including upcoming upgrades and Layer2 adoption — rather than one wallet’s trading activity alone.