Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin swapped a significant sum of ETH to deposit into a DeFi protocol, with traders predicting a bright future for it.
What Happened: Lookonchain data shows that Vitalik Buterin deposited 2.27 million (CRYPTO: USDC) into Aave (CRYPTO: AAVE). This amount was obtained from selling 950 ETH in the past two weeks. Furthermore, Buterin also deposited an additional 2,851 ETH, equivalent to $6.73 million, into Aave.
Buterin’s significant deposits into Aave indicate his confidence in the platform and its potential. The move also underscores the growing trend of influential figures in the crypto space utilizing DeFi platforms for their transactions.
Buterin’s actions could potentially influence others in the crypto community to follow suit, thereby driving more traffic and transactions to Aave and similar DeFi platforms.
Also Read: Ethereum Co-Founder’s $2.1M Ether Transfer Raises Eyebrows: Why Is Vitalik Buterin Dumping?
Why It Matters: In the past seven days of trading, Aave accumulated 10% gains, prompting crypto trader Poseidon to predict a target of $450. The trader sees Aave breaking out of the 800-day accumulation range. He added, "The real move hasn't even started yet; everything so far has just been preparation."
On the other hand, Altcoin Sherpa suggested that these levels are not for buying.
In early September, Buterin stated that he would donate all proceeds from his cryptocurrency holdings, including Ethereum and Layer 2 tokens, to support the Ethereum ecosystem and broader charitable causes. In late August, Buterin transferred 800 ETH to a multi-signature wallet. The transaction followed a series of earlier transfers.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
- Ethereum Co-Founder Vitalik Buterin Proposes ‘Plurality’ As Solution To Crypto-Governance Tension
