The cryptocurrency market reversed the slump that followed the collapse of Silicon Valley Bank with the intervention of federal Feserve and started a strong rally. In the latest situation, the leading crypto Bitcoin has increased by more than 15% in the last 24 hours, while the price of the leading altcoin Ethereum has also increased by about 10%. Amid these developments, Ethereum co-founder Vitalik Buterin transferred some of his ETH to crypto exchange Kraken.
Ethereum inventor transfers 200 ETH to Kraken
cryptocoin.com As you follow, the market has caught a new spring mood and the bulls are running with all their might. In this environment of optimism, Ethereum price rose by about 10% on a daily basis to $ 1,675. According to blockchain security firm PeckShieldAlert, Ethereum inventor Vitalik Buterin recently moved 200 ETH to the Kraken crypto exchange. As is known, investors often move their crypto to exchanges when they want to sell it.
#PeckShieldAlert vitalik.eth has transferred 200 $ETH to Kraken within the last 1 hourhttps://t.co/1kkcQ1ZAbO pic.twitter.com/9T4VC0fSmX
— PeckShieldAlert (@PeckShieldAlert) March 13, 2023
Meanwhile, according to PeckShieldAlert, Reflexer received 500 ETH over the weekend from Vitalik Buterin’s designated address. It then printed 150,000 Rai Reflex Index (RAI). The address then exchanged 17,500 RAI for 50,000 DAI and then 132,500 RAI for 378,500 USDC. Last week, Vitalik Buterin sold some of his altcoins, later declaring that cryptocurrencies ‘have no cultural or moral value’. In these transactions, Buterin sold 9.9 billion CULT tokens, the native token of CultDAO, for 58 ETH. It also sold shares of BITE and MOPS. Sales reached 220 ETH in total.
Why did Vitalik Buterin transfer ETHs?
It is not possible to know the exact cause of the procedure. According to experts, Vitalik Buterin may need funds for a specific purpose, such as investing in a new project or covering expenses. By the way, it is worth noting that he previously donated a significant part of his wealth to charity.
Also, some feel that Buterin has taken a more risk-averse approach to his assets, thus choosing to convert some of his ETH into stablecoins like USDT. Stablecoins are pegged to the US dollar, which makes it less volatile than cryptocurrencies and can be used to trade on various exchanges.
It is also possible for Buterin to rebalance his portfolio or make room for new investments. As a veteran Blockchain user and developer, it is likely to have a diverse portfolio of cryptocurrencies and other digital assets, and selling Ethereum for stabecoin could be a strategic move for further purchases of different tokens, including non-EVM-based ones. It is worth noting that Buterin’s latest move did not have a significant impact on the price of Ethereum.
