- Vitalik Buterin makes his first ETH deposit to a centralized exchange (CEX) in 2024.
- The Ethereum co-founder transferred 200 ETH to Kraken.
- ETH price declined 10% following Buterin’s recent transfer.
Ethereum co-founder Vitalik Buterin transferred 200 ETH, worth $530,000, to Kraken, his first deposit to a centralized exchange this year. This move has sparked discussion among crypto analysts, with a certain few like Altcoin Buzz host, Cody Buffington, suggesting a potential market impact. Citing a post by Spot on Chain, Buffington noted the recent transfer to be Buterin’s first ETH deposit to a centralized exchange (CEX) in 2024.
In the podcast, Buffington mentioned that the Ethereum co-founder recently transferred 200 ETH, equivalent to $530,000, to Kraken. Besides the Kraken transfer, Buterin also recently moved 3,200 ETH worth $8.32 million to two new Multisig wallets. Buffington suggested that the transfer to Multisig wallets could be a donation.
Meanwhile, the crypto analyst shared a reminder from Buterin, where the Ethereum co-founder reassured his community members of his decision not to sell ETH personally. According to Buterin, almost all his ETH transfers involve him donating to a charity, non-profit organization, or another project. However, he acknowledged the ETH recipients may eventually sell the tokens since they may need the funds to cover expenses.
Buterin sold 40 ETH tokens in early August and donated the proceeds to charity. The sold ETH were proceeds he received after selling the 17.15B Neiro tokens gifted to him by the memecoin project. Subsequently, Buterin noted the recent selloff as the last batch of memecoin allocations he had received in the past year. He requested that projects in the future allocate the tokens directly to charities.
Crypto analysts believe that information about Buterin selling ETH sends negative signals to the crypto market. The impact of such news usually leads to a crypto market pullback, especially for ETH, as it creates a level of FUD (fear, uncertainty, and doubt) among users. ETH declined nearly 10% following Buterin’s recent deposit to Kraken. The flagship altcoin dropped from $2,782 to $2,516 before rebounding to trade for $2,621 at the time of writing, according to data from TradingView.
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