Ethereum founder Vitalik Buterin moved a large amount of ETH today. Meanwhile, some cryptocurrency whales continue to collect certain altcoins despite serious losses.
Vitalik Buterin moved ETH again, the price is on the decline
Vitalik Buterin’s ETH movements have become more frequent lately. The founder’s frequent transfers are keeping the ETH price under pressure. Buterin’s wallet named Vb 2 recently transferred a total of 278 ETH to the address starting from 0x3F62. This transfer took place in three transactions in total. The first was a large transfer of 200 ETH, followed by two smaller transactions of 68 ETH and 10 ETH.
Even though these transactions are worth less than a million dollars, Buterin continues to pressure the price of ETH. For example, Buterin recently transferred 300 ETH, worth approximately $493 thousand, to the Kraken crypto exchange. This transaction caused the ETH price to fall below $1,600, although the ETH price rose to $1,593 following its decline in the last 24 hours.
As Kriptokoin.com reported, Buterin attracted attention with his large ETH sales in August. On the other hand, a cryptocurrency whale is rapidly collecting certain altcoins despite huge losses.
This whale buys Arbitrum despite the loss
According to Lookonchain’s statement on September 22, a whale purchased a large amount from Binance in a short time, despite losing millions of dollars from Arbitrum. This whale purchased 1.15 million ARB from Binance in the last two days, worth a total of $952 thousand.
Previously, this whale had purchased 17.5 million ARB worth $20.8 million. However, when prices fell, he sold back 11.13 million ARB. As a result of these transactions, the whale lost 3 million dollars. However, this whale is thought to be waiting for a big rise in ARB. Crypto whale continues to collect ARB despite millions in losses. In the meantime, we should point out that whales started to move away from ETH.
In summary, while Vitalik Buterin continues to sell ETH, it seems that some cryptocurrency whales continue to collect certain altcoins despite their losses. This once again reveals the dynamic and unpredictable nature of the cryptocurrency market.
As Buterin’s sell-off continues, the Ethereum network comes under intense criticism
As Buterin continues to sell large amounts of ETH, the Ethereum network is also under the spotlight of JPMorgan’s analysts. Especially the recent Shanghai update was at the focus of these criticisms.
The JPMorgan team, led by famous strategist Nikolaos Panigirtzoglou, stated in its report that the activity of the Ethereum network was below expectations. The Merge update greatly reduced Ethereum’s energy consumption, and the staking rate also increased rapidly. However, these positive steps did not reveal a positive impact on network activity. Daily transaction volume, number of active addresses and TVL were decreasing despite all these developments.
According to analysts, there are several reasons behind this negative trend. In particular, factors such as the collapse of FTX and Terra LUNA, regulatory uncertainties in the United States, and the halt of venture capital investments played a role in the decline in network activity. With the Shanghai update, Ether investors now have the opportunity to withdraw their ETH locked in stake. This was not possible before Merge. However, analysts refrain from making a clear comment about projects that offer a layer 2 solution in Ethereum. The report states that while an increase in activity was observed in Optimism, there was a decrease in Arbitrum.
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