Vitalik Buterin Dumps $7M in ETH as Price Sinks Below $1,900
Ethereum co-founder Vitalik Buterin has accelerated his ETH sales, offloading around $7 million worth just yesterday amid a brutal price slump. On-chain trackers reveal he pulled 3,500 ETH from Aave and flipped 571 ETH for $1.13 million, adding to over $15 million sold since early February. ETH now trades near $1,860, down over 30% in a month.
MEXC News detailed the latest move on February 22: Buterin withdrew 3,500 ETH valued at $6.95 million from DeFi lender Aave, quickly selling a chunk as ETH breached $2,000 support. This caps a flurry where he's liquidated more than half his austerity reserve in under a month, averaging $2,100 per ETH. The Ethereum Foundation entered 'mild austerity' mode last month, citing strategic needs, but timing raises eyebrows. Santiment data flags ETH as deeply oversold, with its 30-day MVRV ratio at a 14.3% deficit—the worst among majors. Bitcoin lags at 6.9% undervalued, signaling heavier ETH pain. CoinDesk charts show ETH at $1,864 after a volatile session, with $6.5 billion daily volume but persistent downside pressure from risk-off sentiment tied to tariffs and macro woes. Founder sales during drawdowns often spook holders, amplifying bearish narratives despite admin justifications. Broader altcoin weakness compounds this, delaying any quick recovery.
Buterin's moves erode confidence among ETH holders, potentially prolonging the downturn and pressuring prices further toward key supports. Leveraged positions amplify losses, while long-term stakers question foundation spending amid network upgrades. This could slow institutional adoption until sentiment stabilizes.
Vitalik's hefty ETH sales serve as a cautionary flare in a shaky market. Ethereum holders should brace for volatility and reassess positions carefully. Recovery lies ahead, but patience will be tested.