According to on-chain monitoring firm OnchainLens, an address linked to Ethereum co-founder Vitalik Buterin, after a year of dormancy, transferred 7,000 ETH (worth approximately $11.06 million) to a newly generated wallet. The funds are likely to be deposited into a centralized exchange, mirroring a previous move where 1,300 ETH ($3.19M) from the same address was sent to Paxos. This large transfer has sparked market concerns about potential selling pressure.
According to on-chain monitoring firm OnchainLens, an address (0xD04...) associated with Ethereum co-founder Vitalik Buterin has transferred 7,000 ETH (valued at approximately $11.06 million) to a newly created wallet after remaining dormant for a year. The new wallet has no prior transaction history, and market participants widely anticipate these ETH may soon be deposited into a centralized exchange (CEX), potentially exerting short-term selling pressure on ETH price.
Historical Pattern
This is not the first large transfer from the linked address. Earlier, the same address moved 1,300 ETH (about $3.19 million) to another address, which subsequently deposited the funds into Paxos. The current transfer is significantly larger and comes amid recent ETH price volatility, fueling speculation about whale intentions and possible market impact.
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