An address linked to Ethereum co-founder Vitalik Buterin has moved roughly 400 ETH ($0.63 million) to Coinbase, continuing a period of outflows.
As the cryptocurrency bear market drags on, on-chain data has uncovered several outflows from Ethereum addresses linked to co-founder Vitalik Buterin.
In the latest of such moves, one of the addresses transferred 400 ETH (approximately $600,000) to Coinbase in the early hours of Monday. The address received the same amount in two tranches of transactions from another address tagged as VB 2 by blockchain explorer Etherscan.
Further, on-chain analysis reveals that the latest amount transferred to Coinbase may be considered a portion of the 3,000 ETH ($4.7 million) that the VB 2 address received from the main Vitalik Buterin wallet on Aug. 28.
Either way, the transfer to a centralized exchange suggests that the Ethereum co-founder is converting a portion of his ETH holdings to fiat. Another possibility is that Vitalik Buterin plans to stake the ETH on Coinbase or access other ETH-linked services on the platform.
Vitalik Buterin Addresses See More Outgoing Transfers
The latest transfer to Coinbase is not an isolated case, as the Ethereum co-founder has continued to transfer funds to centralized exchanges in recent times. One such transfer occurred in August when Vitalik’s wallet also moved an estimated $1 million to Coinbase.
Earlier this month, Crypto Basic reported that a pair of Vitalik wallets transferred 2,002 ETH (worth $3.1 million at the time) to Bitstamp. The wallet also converted a portion of its holdings to the USDC stablecoin through Uniswap.
Moreover, five days ago, the VB 2 address transferred 300 ETH to Kraken in two transactions involving 100 ETH and 200 ETH.
Despite these transfers, it is notable that Vitalik Buterin still holds a significantly higher balance across his various Ethereum addresses. His primary wallet still has a balance of 37,000 ETH (approximately $58 million) at the time of writing. Two other wallets hold a combined balance of 2,707 ETH (approximately $4.28 million)
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
