As a seasoned crypto investor with over a decade of experience in this dynamic and ever-evolving market, I find myself intrigued by the recent developments surrounding Vitalik Buterin and Ethereum. While his latest ETH sell-off has sparked concerns within the community, it’s important to remember that even the great minds like Buterin need liquidity for various purposes, and automated orders set up weeks ago can sometimes trigger such actions.
Vitalik Buterin, one of Ethereum‘s co-founders, has shared the motivation behind his recent selling of Ether (ETH), aiming to address increasing curiosity within the community. Yesterday, it was disclosed that Buterin sold approximately 190 ETH for a total value of $441,971, which he received in USDC stablecoins.
Vitalik Buterin Clears Doubts Over ETH Sell-Off
Wallet identified as Vitalik.eth, linked to Ethereum co-founder Vitalik Buterin, has persisted in offloading Ether, causing some unease regarding ongoing liquidations. This wallet received approximately 3,800 Ether (or around $10 million) from Buterin and sold 950 Ethereum (equivalent to $2.28 million) at an average price of $2,396. Besides Buterin, the Ethereum Foundation is also disposing of its ETH holdings.
According to the most recent data available on the blockchain, it appears that Vitalik Buterin, represented by the vitalik.eth address, has transferred approximately 2,851 USDC (equivalent to around $6.73 million) from where he obtained it through ETH liquidation over to the Aave platform.
As a crypto investor, I’ve noticed that recent additional ETH sales by the Metalpha group have ignited some worries among us about a potential Ethereum price drop below the $2,000 mark.
2.27 million USDC, recently acquired from selling 950 ETH over the past fortnight, was put into Aave by Vitalik.eth (Vitalik Buterin) approximately 3 hours ago. Additionally, he deposited 2,851 ETH ($6.73M) into Aave as well.
— Lookonchain (@lookonchain) September 12, 2024
In a recent post, Vitalik Buterin spoke about having stricter L2 mentions. However, his followers interrupted him asking why is he selling ETH recently in big numbers. Responding to this, Buterin said:
The sale from yesterday, carried out by a biodefense group I support, was initiated due to an automatically scheduled “cowswap twap” order that was set in place on August 29th. This appears to have been the final transaction.
Ethereum to Have Stricter Criteria for L2 Mentions
More recently, Ethereum’s co-founder expressed his intention to solely discuss Layer 2 (L2) solutions that have advanced beyond their initial stage of development as of 2025. He emphasized that this standard will be applied consistently across all projects, irrespective of any personal investments or relationships involved. In 2024, here’s a list of some notable L2 projects you might find interesting.
Additionally, Buterin disclosed that various teams focusing on Zero-Knowledge (ZK) rollups aim to reach Phase 1 before the year’s end in his declaration.
In a lively manner, the co-founder of Ethereum expressed his excitement about the advancements achieved, yet underscored the necessity of upholding robust safety precautions. Moreover, he advised against prematurely discarding safeguards until dependable proof systems have been fully tested and proven reliable.
Vitalik Buterin stated that reaching Stage 1 is significant because it requires a consensus of 75% for any changes to the proof system, with at least 26% of this council being unrelated to the roll-up team.
Additionally, he mentioned that the multi-signature agreements he’s part of have been functioning smoothly for quite some time without any issues. This gives him assurance about the shift from multi-sig management to cryptographic reliability.
Moving forward from the upcoming year, I intend to emphasize and discuss only Level 2 languages (L2s) that are at least Stage 1+ in my public appearances such as blogs and talks. There might be a brief exception for fresh and intriguing projects, but this will depend on their authenticity.
It doesn’t matter if I invested, or if you’re my friend; stage 1 or bust.
Multiple…
— vitalik.eth (@VitalikButerin) September 12, 2024
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2024-09-12 09:27