Will Ethereum Price React to Vitaliks Latest Cashout ?
Ethereum (ETH) co-founder Vitalik Buterin was spotted moving 600 ETH worth approximately $1 million into a Coinbase exchange wallet on Monday, August 21. Historical on-chain data examines how ETH price could react to this noteworthy transaction. On Monday, August 21, an 0xd8d wallet address linked to Vitalik Buterins Ethereum Name Service (ENS) pseudonym — was spotted moving 600 ETH, worth $1.01 million, into a Coinbase wallet. The wallet now holds only 3,935 ETH ($6.57 million) at the time of writing. When large crypto investors move bits of their holdings into an exchange wallet, it typically means they are looking to cash out into fiat or trade in for other tokens. On-chain data analysis explores how previous noteworthy outflows by Vitalik have moved the market to project how ETH prices could potentially react in the coming days. Ethereum Price Declined 13% After Vitalik Sold In April Large transactions from recognized high-net-worth holders and influential figures like Vitalik Buterin often influence the markets significantly. Historical data culled from shows how Ethereums price sank by 13% barely a week after Vitalik made a significant outflow in April. How Will Ethereum (ETH) Price React to Vitalik Outflow | Vitalik.ETH/0xd8d wallet, Aug 2023. Source: Arkham Intelligence Sponsored Sponsored As shown in the chart below,