- Vitalik Buterin transferred 1,300 ETH to Paxos, aiming to benefit from Ethereum’s price recovery amid ongoing market shifts.
- A smart trader with a 100% success rate bought 10,083 ETH ($26.8M), signaling bullish sentiment despite Ethereum’s price pressure.
- Ethereum’s price dropped 0.96%, but institutional interest, Buterin’s scaling focus, and strategic trading hint at future recovery.
Ethereum whale behavior was detected by on-chain data as co-founder Vitalik Buterin of Ethereum kept transferring substantial amounts of ETH. Over the past 24 hours, Buterin’s wallet, “0x556,” has put 649 ETH ($1.72 million) into Paxos.
Previously, on September 19, this wallet had received 1,300 ETH ($3.21 million) from another wallet, “0xd04,” which was funded by Buterin with 70,000 ETH in 2022. Over the past 11 days, Buterin transferred all 1,300 ETH to Paxos, capitalizing on Ethereum’s price recovery.
Aside from these actions, Buterin has openly denied selling Ethereum for profit, claiming that all of the money he has sold for Ethereum since 2018 has gone toward supporting charitable causes or ecosystem efforts.
Along with that, he unveiled a brand-new initiative called “Ethereum Alignment,” which seeks to strengthen public goods and reduce ecosystem centralization. The Ethereum blockchain’s two main principles—transparency and decentralization—are highlighted by this architecture.
Wise Traders Profit from Drops as Ethereum Feels Pressure
Significantly, while Buterin continues to sell, other traders are taking advantage of price dips. According to Lookonchain, a smart trader with a 100% win rate in ETH swing trades bought 10,083 ETH ($26.8 million) eight hours ago.
This trader has executed 10 successful trades since August 12, earning $2.14 million in total profits. Large-scale ETH purchases like this often signal bullish sentiment, as savvy traders bet on Ethereum’s upward trajectory.
Nevertheless, pressure has been applied to the price of Ethereum, which has dropped 0.96% to $2,636 in the last day. Given the general market instability and lack of momentum, analysts predict that the price will retreat below $2,250 before rising. Nevertheless, institutional participation has been strong, with Ethereum ETF inflows resuming last week.
Buterin’s Focus on Scalability and Future Outlook
Additionally, Buterin continues to focus on enhancing Ethereum’s scalability. His recent proposal, EIP-7623, will increase the network’s “blob count,” reducing the size of blocks and improving Layer 2 scalability. With these initiatives and strategic trading, Ethereum’s future remains a focal point for both traders and developers.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
