Vitalik Deposits 400 ETH to Coinbase, Total 2421 ETH Sent to Multiple CEXs in 10 Days

Ethereum co-founder Vitalik Buterin has reportedly transferred 400 ETH to Coinbase, worth $632,000, resulting in a total transfer of $3.94 million worth ETH to various crypto exchanges in September alone.

Data from blockchain analytics firm Spot on Chain revealed that the transaction took place at 01:43 AM (UTC) on Monday. Per the analysis, he has so far deposited a total of 2,421 ETH to multiple centralized exchanges (CEX) “via two addresses over the past 10 days.”

The data further revealed the breakdown of fund transfers noting that the crypto influencer sent 721 ETH, worth $1.159 million to Kraken and Coinbase exchanges. 321 ETH were supposedly transferred to Kraken between September 15 and 19, it added.

Buterin also moved 1,700 ETH to Bitstamp and Paxos, between September 17 and 20, the data firm wrote.

Early this month, he liquidated 500 Maker tokens (MKR), valued at around $580,000, for 353.4 Ether at the time. This transaction marked the first time Buterin has sold Maker tokens in two years. The string of transfers from Buterin’s wallets has led to speculations across the industry on what he might be planning.

On August 21, Buterin transferred $1 million worth of Ether to Coinbase following the crypto’s 10% decline and broad market downturn.

ETH Price Slump

According to Coin Market Cap, Ether has shown a remarkable 24-hour surge in trading volume with a 116.57% raise at press time. However, the price showed a slump of 1.01% in 24 hours. The world’s second largest crypto is trading at $1,576 at the time of writing.

According to Glassnode Alerts, Ehereum’s gas usage has shown a decrease, reaching an 8-month low of 16.515 gwei. Ethereum gas is what users pay to process transactions or use smart contracts on the Ethereum network.