Vitalik Buterin Sells $7 Million in Ethereum as ETH Price Sinks 30%

Ethereum co-founder Vitalik Buterin recently sold approximately $6.95 million worth of ETH, having withdrawn 3,500 ETH from Aave and immediately selling 571 tokens. This action contrasts with his earlier announcement on January 30 regarding the Ethereum Foundation entering a "mild austerity" period, where he intended to strategically deploy 16,384 ETH over several years to support the firm. However, since February 2, Buterin has sold over 7,380 ETH for about $15.5 million, liquidating more than half of that designated reserve in under a month.

This concentrated selling pressure coincides with ETH plummeting 30% over the past month, trading just under the $2,000 support level. Such founder liquidations during drawdowns are often viewed bearishly by market participants. Despite this, technical indicators suggest ETH might be oversold; Santiment data shows Ethereum's 30-day Market Value to Realized Value (MVRV) ratio indicates severe undervaluation at a 14.3% deficit, making it the most discounted major cryptocurrency compared to Bitcoin, Chainlink, XRP, and Cardano.

(Source：BeInCrypto)