Ah, the tale of Vitalik Buterin, a name that dances upon the tongues of many, like a drunken poet at dawn. In recent days, our dear Ethereum co-founder has taken to selling thousands of ETH as if they were mere trinkets, while the price tumbles below the grand threshold of $2,000-oh, what a time to be alive!
These sales, my friends, unfurl against a backdrop of turmoil, where large holders scurry like mice fleeing a sinking ship, pushing ETH down to depths not seen for months. It appears that even digital gold can lose its luster when fear grips the market.
ETH Sales and the Great On-Chain Circus
On February 5, Lookonchain-our ever-watchful guardian of blockchain affairs-revealed with great fanfare that wallets belonging to our man Vitalik had relinquished 2,961 ETH, worth approximately $6.6 million, over just three days. The average price? A mere $2,228, which now seems a distant memory as the market plunges ever lower.
But wait! Less than a day later, the numbers swelled to a staggering 6,183 ETH, roughly translating to about $13.2 million in sales. The average exit price, however, was slipping faster than a banana peel on a busy street-down to $2,140. If only the price could take a hint and follow suit!
In a twist of fate worthy of a Shakespearean comedy, some of Buterin’s spoils were swiftly redirected to Kanro, a noble philanthropic endeavor aimed at combating airborne diseases. Yes, while others clutch their coins like a miser in a fairy tale, our hero chooses to sprinkle a little generosity in the world, reminding us that not all heroes wear capes-they sometimes wield keyboards!
Kanro confirmed the transfer, noting that these funds would bolster projects related to pandemics. One wonders if this was a calculated move to win hearts or simply a distraction from his dwindling ETH pile. After all, he has been funding such noble causes for nearly three years, including a rather hefty $20 million contribution just last October. Not bad for a chap who’s selling off his digital assets!
Buterin, in a recent missive on X, professed his grand intentions, revealing his withdrawal of 16,384 ETH to support endeavors far and wide-biotech, secure hardware, and privacy software, oh my! Who knew Ethereum was a one-stop shop for saving the world?
Institutions and Whales: A Dance of De-risking
Meanwhile, the price of ETH has engaged in a wild waltz, dipping below the fabled $2,100-a level many traders held sacred, as if it were the last piece of chocolate in a box. With Bitcoin rising like a phoenix while altcoins languish in despair, our beloved ETH is now trading around $1,900-a pitiful loss of about 7% in just 24 hours, and over 30% in the past week. Truly a spectacle!
Reports indicate that even the esteemed institutions are cashing out like gamblers at the end of a losing night. A February 5 CryptoQuant report indicates that U.S. investors are selling ETH at a discount, driving the Coinbase Premium Index to its lowest since July 2022-a sign of institutional de-risking, or perhaps just a collective sigh of resignation?
And as the whales dance their perilous jig, Lookonchain reported on February 6 that Trend Research sold over 170,000 ETH in less than 10 hours to repay loans-what a sight! Meanwhile, Aave’s founder, Stani Kulechov, offloaded about 4,500 ETH near the $1,900 mark, as if trying to catch a falling knife.
Yet amidst the chaos, a glimmer of hope remains, as the intrepid investors known as 7 Siblings snatched up 9,000 ETH for just under $2,000 each. Perhaps they see value where others see folly-a true testament to the ages!
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2026-02-06 23:01