![Vitalik Buterin Moves $2 Million in ETH; Ethereum Drops](https://cryptotale.org/wp-content/uploads/2024/08/Vitalik-Buterin-Moves-2-Million-in-ETH-Ethereum-Drops.jpg)
Lookonchain, an on-chain analytics platform, reports that Vitalik Buterin, co-founder of Ethereum, transferred 800 ETH, valued at $2.01 million, to a multisig wallet. The wallet quickly swapped 190 ETH for 477,000 USDC, showing notable market activity.
This transfer follows a similar move on August 9, when Buterin shifted 3,000 ETH, worth $8.04 million, to the same multisig wallet. These transactions have drawn attention within the crypto community, prompting speculation about Buterin’s intentions.
Privacy Moves and Recent Transfers
In addition to these moves, Buterin earlier transferred 400 ETH, valued at approximately $1.05 million, to the privacy-focused crypto mixer Railgun. This action continues his trend of using privacy-enhancing tools. Over the past ten months, Buterin has transferred a total of 662 ETH, around $1.91 million, into Railgun.
Market Data and Derivatives Sentiment
At press time, Ethereum’s price stands at $2,526.09, reflecting a 1.01% decline in the last 24 hours. The market capitalization sits at $303.89 billion, with a trading volume of $14.02 billion in the same period. The circulating supply of Ethereum remains at 120.3 million ETH coins.
The derivatives market for Ethereum presents a mixed sentiment. Although trading volume and open interest have decreased, options volume surged by 22.71%, indicating heightened hedging or speculative activities. Moreover, long/short ratios on Binance and OKX suggest a bullish outlook among top traders.
However, substantial liquidations totaling $11.77 million from long positions indicate recent volatility and potential market corrections. Binance leads in market activity, showcasing strong bullish positioning among users. Currently, only 8% of ETH holders are in profit, while 71% face losses. Large holders control 89% of Ethereum in market concentration.
Additionally, Ethereum’s price correlates moderately with Bitcoin, at a rate of 0.73. A majority of holders, 64%, have maintained their positions for 1 to 12 months. Last week, $3.6 billion in transactions exceeding $100,000 were recorded, with a net outflow of $1.86 million from exchanges, suggesting potential accumulation by large investors.
Vitalik Buterin Transfers $1.05M in ETH to Railgun: A Privacy-Focused MoveThe Ethereum daily price chart reveals a price of $2,525.30, exhibiting a downtrend characterized by lower highs and lows, indicating bearish momentum. The Relative Strength Index (RSI) is at 42.56, below the neutral level, suggesting weak buying interest.
The Moving Average Convergence Divergence (MACD) line is below the signal line, confirming the bearish trend. However, the decreasing bearish momentum hints at a possible reversal or consolidation. Ethereum is currently under pressure, and cautious market sentiment indicates potential further downside unless a reversal occurs.