Ether founder Vitalik Buterin sells millions worth of crypto – crash incoming?

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Last Updated on 2 September 2024 by CryptoTips.eu

August was a terrible month for Ethereum, still the second largest digital currency. With a loss of around 20% in the past four weeks, Ether Hodlers are probably happy that September has finally started. This weekend a trader pointed out that Ether founder Vitalik Buterin sold some $10 million of his own digital currency in the past month.

Does he know something we don’t? Should we get ready for a crash?

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ETF

US financial giants such as BlackRock and Fidelity recently got SEC approval to launch an Ether ETF (which trading started on July 23). However, unlike the Bitcoin ETF (which was launched in January), the Ether ETFs have not been a great success so far.

After the launch of the various Ether ETFs, the price of Ethereum performed very poorly. August is historically a bad month for crypto prices anyway, and 2024 was no different in that respect. The price of Ether fell by some 20% in the past four weeks.

Furthermore, social media posters pointed out that Ether founder Vitalik Buterin had sold some $10 million worth of Ether in recent weeks. A trader who had clearly had a bad month therefore stated that Vitalik would be better off explaining his own Ether sales rather than providing technical commentary on future blockchain projects.

Bullish

Buterin answered rather quickly to the post reminded readers that he has not sold any Ether since 2018. Furthermore, the proceeds were not for himself but for various projects he supports.

Many Ether fans have been asking for Vitalik to post more bullish quotes about their favorite coin instead of writing technical articles. Two weeks ago, Vitalik responded to that criticism with a meme of a bull with a sign around its neck that read: Ethereum is good.

As a reminder, Vitalik is (according to research by Arkham Intelligence) a billionaire thanks to the success of Ether, hence a $10 million sale does not send him to the poorhouse.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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