"Even Vitalik has sold"…$6.6 million worth of Ethereum offloaded in three days

JOON HYOUNG LEE

Summary

Vitalik Buterin reportedly sold 2,961.5 ETH over the past three days at an average price of $2,228, securing about $6.6 million in proceeds.
Lookonchain said Buterin’s Ethereum selling appears to still be ongoing.
According to CoinMarketCap and SosoValue, Ethereum’s price has plunged more than 35% over the past month, while spot ETFs recorded $79.5 million in net outflows.

Vitalik Buterin, co-founder of Ethereum (ETH), has sold nearly $7 million worth of Ether over the past three days.

According to Lookonchain on the 5th (local time), Buterin sold 2,961.5 ETH over the past three days. The average selling price was $2,228 per ETH, bringing total proceeds to about $6.6 million. Lookonchain said, "(Vitalik’s) selling appears to still be ongoing."

The move comes amid a recent downturn in the crypto market. According to CoinMarketCap, Ethereum’s price has plunged more than 35% over the past month. On the day, it slid more than 8.5% in a single session, sinking to the $2,000 level.

Institutional money is also flowing out. According to SosoValue, U.S. spot Ethereum exchange-traded funds (ETFs) saw $79.5 million in outflows on the day, flipping to net outflows in a single day. Spot Ethereum ETFs posted net monthly outflows for three straight months from November last year through last month.

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