Ethereum founder Vitalik Buterin is dumping millions worth of ether (ETH), adding bearish pressure on an already weak market.
Buterin sold 1,869 ether, worth $3.67 million, in two days, after withdrawing 3,500 ether from Aave, according to data tracked by blockchain sleuth Lookonchain.
The price of Ether has declined nearly 3% over the past 48 hours, hitting a 20-day low of $1,844 at one point early Monday morning, CoinDesk data shows. The token has been in a downward trend since reaching a high of over $4,900 in August last year.
Since February 2, Buterin has reportedly sold almost more than 8,000 ether. These sales follow the January 30 announcement that it would withdraw and liquidate its 16,384 ether to fund ecosystem development, open source software, and other key initiatives as the Ethereum Foundation enters a “light austerity” phase.
Still, at the time of writing, Buterin held more than 224,000 ether, worth $429 million, according to Arkham Intelligence.
While Buterin has been trimming his holdings, this offering is being gobbled up by the likes of ShapeShift founder Erik Voorhees and a whale associated with crypto services provider Matrixport.
