In a series of transactions that have caught the attention of the cryptocurrency community, Ethereum ETH -0.60% co-founder Vitalik Buterin has reportedly transferred a significant amount of Ethereum (ETH) to various centralized exchanges (CEXs). The most notable of these transactions was a transfer of 400 ETH to Coinbase.
Blockchain analytics have highlighted several Ethereum transactions from wallets linked to Buterin in September 2023, totaling over $3.9 million.
Separate blockchain monitoring profiles shared details of the 400 ETH transaction, which was worth an estimated $632,000, from Buterin’s wallet to Coinbase on September 25th.
This recent transaction is part of a series of ETH deposits to centralized exchanges over the past 10 days. The blockchain analytics platform, Spot On Chain, estimates that Buterin has deposited an estimated 2,421 ETH, equivalent to $3.94 million, from September 15th onwards.
The platform also outlined deposits amounting to 321 ETH to Kraken between September 15th and September 19th. In addition, Buterin reportedly deposited a total of 1,700 ETH to Bitstamp in several transactions on September 17th and September 20th and deposited 500 ETH to Paxos on September 19th.
Blockchain data also highlights a transfer of 2,000 ETH, valued at $4.9 million, to the address that has been executing these transactions from another wallet long associated with the Ethereum co-founder.
According to Spot On Chain, the source of the 2,000 ETH transaction is a better-known address belonging to Buterin than the middle address that has been transferring funds to exchanges. This series of transactions has sparked speculation and discussion within the crypto community, as large transfers by prominent figures often do. However, the exact reasons behind these transfers remain unknown.
It’s worth noting that Buterin has a history of interacting with multiple exchanges, including Kraken, Bittrex, Yunbi, Coinbase, Poloniex, and FTX US. Kraken, in particular, has been a primary choice for him, with deposits exceeding $12.3 million since 2016, while withdrawals have been relatively minimal, amounting to $69,820.
As with dormant Bitcoin BTC 0.33% transactions or significant moves by renowned crypto magnates, the crypto community can only speculate about Buterin’s reasons for transferring these tokens to CEX platforms. Spotonchain has pegged the average price of the 2,421 ETH at $1,628 per ETH. The amount Buterin transferred to Coinbase this past Sunday equates to $626,384.
