Why Vitalik Buterin Sold Over 700 Ethereum (ETH) Despite Market Recovery
Vitalik Buterin sold over 700 ETH, worth about $1.63 million, to fund long-term initiatives and philanthropy, not due to market conditions.Summary
Ethereum co-founder Vitalik Buterin recently sold a total of 704.84 ETH, valued at approximately $1.63 million, in planned transactions. A portion of these sales, including 211.84 ETH, was transferred to Kanro, a philanthropic entity Buterin established to support research against infectious diseases. This aligns with his history of channeling crypto sales into charitable causes. Buterin stated he withdrew 16,384 ETH to fund long-term goals over the next few years, including supporting open-source software and hardware development in areas like finance, governance, and biotech, as the Ethereum Foundation enters a period of "mild austerity." Despite the sales, Buterin still holds a significant amount of ETH, and the transactions had little immediate impact on Ethereum's market performance as the asset showed signs of recovery.
(Source：BeInCrypto)