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)