90,000 ETH On The Move: Is Ethereum’s Buterin Planning To Dump?

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90,000 ETH On The Move: Is Ethereum’s Buterin Planning To Dump?
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Reports are abound that Ethereum’s Vitalik Buterin might be planning to sell off lots of ETH soon. Word on the crypto streets suggests that the crypto bigwig could be mulling a sale of $25 million worth of ETH from his huge stash. People are not happy about this. 

The “Christmas Transfers”

On Christmas Day, Buterin was the talk of the town in the crypto space when Etherscan, a crypto monitoring resource, spotted a significant movement of around 92k ETH estimated to be worth around $11.7 million at the current price. The stash was moved from one wallet to Kraken, a crypto exchange in the US. 

The transfer was part of three huge ones spotted. The other two involved 25,908 ETH transferred to Binance and 99,987 ETH transferred to Huobi. The total value of the ETH transferred adds up to around $25.5 million. Before these transferred were effected, the particular wallet held around 300,000 ETH, much of which is said to have been received from Buterin over the last several years. 

History Has It

Apparently, it’s not the first time that Vitalik Buterin is orchestrating a huge ETH sell-off. A few weeks ago, he himself admitted that, in 2018, he presided over the sale of around 70,000 ETH worth $100 million during the crypto’s ATH price. 

These transfers have caused a major stir within the crypto space and the Ethereum community in particular. Understandably, people are worried that the founder of Ethereum might be planning to dump his own creation, something that wouldn’t play out well for investors.

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Vitalik Repudiates

The Ethereum founder has freshly denied orchestrating the humongous transfer and citing the possibility of someone else mistaking some exchange’s intermediate address for his own.

The Forks Are “Absurd”

Granted, 2019 hasn’t been a very easy year for Ethereum. Analysts and critics have bashed the network every other time, with the most recent jab coming from one Udi Wertheimer, a Bitcoin supporter.

According to Udi, it’s absurd that the Ethereum network had to undergo two hard forks within a few weeks. However, these upgrades haven’t done much to help Ethereum shore up its pained value. The crypto is still 60% down from its $335 high of 2019.