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Ethereum Co-Founder Moves Millions in ETH to Exchanges

Vitalik Buterin's Ethereum transfers to Bitstamp and Coinbase spark market interest as exchange-held ETH hits a 5.5-year low.
Published on 2023-10-10

Vitalik Buterin's Significant Ethereum Transfers

Ethereum's co-founder, Vitalik Buterin, has recently been active in transferring substantial amounts of ETH to exchanges like Bitstamp and Coinbase. In a notable move, Buterin sent 1,000 ETH, valued at approximately $1.64 million, to Bitstamp. Over the past two months, he has transferred a total of 4,400 ETH, exceeding $7 million in fiat, to Bitstamp alone. These activities have stirred speculation regarding his intentions, though they have not impacted Ethereum's market price.

Impact on Ethereum's Exchange Supply

A significant withdrawal of Ethereum from centralized exchanges was reported by Santiment, a leading on-chain data aggregator. Unknown whales moved a considerable amount of ETH, marking the largest withdrawal since September 21. Consequently, the volume of Ethereum held by exchanges has reached its lowest point in over 5.5 years. Meanwhile, the non-exchange supply of ETH has surged to an all-time high of 115.88 million ETH.

Market Recovery and Current Price Trends

Following a recent market dip, Ethereum's price has quickly rebounded, recovering a 1.66% loss. Currently, Ethereum is trading at approximately $1,639. Despite the frequent movements of ETH by prominent figures like Buterin, the price stability suggests a resilient market. These developments highlight the dynamic nature of Ethereum's circulation and its impact on exchange-held supply.

By understanding these trends, investors can gain insights into the potential future movements within the cryptocurrency market.

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