Vitalik Buterin, the co-founder of Ethereum (CRYPTO: ETH), has made a significant deposit to the cryptocurrency exchange Coinbase.
What Happened: According to data from the Ethereum blockchain scanning website etherscan, Buterin deposited 400 ETH, equivalent to approximately $632,000, to Coinbase on Monday.
This move by Buterin comes at a time when the cryptocurrency market has experienced a noticeable downturn, with Ether, the second-largest cryptocurrency by market capitalization, seeing a 3% decline over the past week.
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Why It Matters: Interestingly, this deposit to Coinbase is not the only recent transaction involving Buterin’s ETH holdings. In the past seven days, the address associated with Buterin transferred 300 ETH to Kraken, another popular cryptocurrency exchange. Additionally, 200 ETH from Buterin’s wallet was converted to USDC, a stablecoin pegged to the US dollar, over $80,000.
Over the course of the past week, Buterin conducted ETH transfers amounting to a total value of $1.4 million.
Last month, Buterin deposited 600 ether, which is around $1 million worth of the cryptocurrency, to crypto exchange Coinbase.
Depositing cryptocurrency to exchanges allows individuals to trade, sell, or hold their digital assets within the platform’s ecosystem.
The exact reason for the transfer remains unclear, leaving room for speculation on his intentions and strategies.
Price Action: At the time of writing, ETH was trading at $1,580.83, down 0.80% in the last 24 hours, according to Benzinga Pro.
Photo by Alexey Smyshlyaev on Shutterstock.
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