Vitalik Buterin Unveils True Goal of Ethereum Foundation’s Recent ETH Sales

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As an analyst with over two decades of experience in the cryptocurrency market, I find it fascinating to observe the dynamic interactions within the Ethereum community, particularly between Vitalik Buterin and his critics. The recent clarifications by Buterin regarding the ETH sales by him and the Ethereum Foundation are a testament to the transparency that is crucial in such a volatile market.

In response to a critic, Vitalik Buterin, one of the co-creators and leading figures of Ethereum, has made clear the reasons behind the significant Ethereum (ETH) transactions carried out by the Ethereum Foundation.

Vitalik’s ETH holdings increase

In a current update on X by Vitalin Buterin, he outlined some crucial advancements for Ethereum. Notably, various X users have discussed the Ethereum (ETH) transactions conducted by Vitalik and the Ethereum Foundation in recent months.

In response to the call for halting Ethereum sales, Buterin clarified that he hasn’t sold a single Ethereum during the past month. Interestingly, he also disclosed that his Ethereum holdings have grown recently, stating, “In fact, the quantity of ETH I own has increased.

I haven’t sold a single ETH in the past month? The amount of ETH I hold has actually gone up

— vitalik.eth (@VitalikButerin) October 25, 2024

Buterin reveals why Ethereum Foundation selling ETH

Regarding the inquiry about numerous ETH transactions from the Ethereum Foundation this year, it’s important to note that the foundation supports researchers and developers who are instrumental in various critical aspects. (Vitalik’s statement)

One point worth noting is that “Ethereum isn’t losing approximately 5 million ETH per year through proof of work.

The Ethereum Foundation is financially supporting the individuals who are instrumental in:

— vitalik.eth (@VitalikButerin) October 26, 2024

Additionally, he pointed out that the Foundation is associated with zero-knowledge technology which allows individuals to utilize Ethereum in a private manner, as well as global ETH-focused events, some of which barely acknowledge the Ethereum Foundation as a supporter.

Coinbase stunned with $763 million ETH deposit

Over the last 24 hours, I’ve observed two substantial Ethereum transfers to the leading U.S.-based cryptocurrency exchange, Coinbase, according to data from Whale Alert, a well-known blockchain tracker that keeps tabs on significant crypto transactions and disseminates the information within the community.

To clarify, the transactions in question were of equal value and held 149,999 Ether (approximately $381,391,390 each). In total, these two transfers amounted to around $762,782,780. Remarkably, both transactions originated from undisclosed blockchain addresses and were received in a Coinbase wallet.

something must be cooking

— Sweep (@0xSweep) October 25, 2024

These transactions sparked debate within the cryptocurrency community, leading to intense discussions about their true essence and origin. Some speculated they were part of a liquidity assessment, while others hinted at some secretive activity taking place.

In the last 24 hours, Ethereum dropped nearly 5% to reach approximately $2,433. However, it has since partially recuperated, and its current market value is around $2,465 per unit.

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2024-10-26 11:24