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Ethereum co-founder moved millions to Gemini around ETF frenzy

Ethereum co-founder moved millions to Gemini around ETF frenzy

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415 Listen to this article Ethereum’s co-founder, Vitalik Buterin, is under the spotlight after on-chain data revealed significant cryptocurrency transfers […]

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Ethereum’s co-founder, Vitalik Buterin, is under the spotlight after on-chain data revealed significant cryptocurrency transfers to major exchanges. Most recently, Buterin moved a staggering 14.93 million USDC to the Gemini platform. This transfer aligns with the market’s frenzied reaction to the mistakenly reported approval of a Bitcoin spot ETF.

Unprecedented Transfers to Centralized Exchanges

Ethereum’s co-founder, Vitalik Buterin, is in the spotlight for transferring a whopping 14.93 million USDC to the Gemini exchange, as identified by on-chain analyst Lookonchain. This substantial movement coincided with the Bitcoin price jump, spurred by incorrect reports of a spot ETF approval.

Vitalik Continues His Pattern of Crypto Deposits

According to Lookonchain, Vitalik.eth, presumed to be Buterin’s wallet, received 14.93 million USDC from a user named ‘Kanro’ before moving it to Gemini. This transfer was preceded by a deposit of 500,000 USDC to Coinbase two days earlier. Since mid-September, Buterin has also shifted over $3.9 million worth of Ether (ETH) to Coinbase, highlighting a trend of considerable crypto transfers.

Crypto Markets React to False ETF Approval News

Monday’s markets were abuzz as Bitcoin prices soared due to erroneous approval news of the iShares Spot BTC ETF, causing a flurry of activity and liquidating $80 million in short positions. Although the excitement was short-lived, it showcased the market’s volatility and sensitivity to news, especially regarding mainstream investment products like ETFs.

Read Also:  US DOJ Charges Brothers with $25M Ethereum Fraud Connected to MEV Attack

Bitcoin Stabilizes; Ethereum’s Performance Remains Lackluster

Post frenzy, Bitcoin’s price has stabilized with modest gains, while Ethereum hasn’t mirrored this positivity. Despite the launch of an Ethereum futures-based ETF, the second-largest cryptocurrency struggled to garner investor enthusiasm, experiencing outflows that negate the previous week’s inflows.

Analyzing Buterin’s Moves in the Broader Market Context

While Buterin’s substantial crypto transfers raise eyebrows, these transactions are part of an ongoing series and shouldn’t be hastily interpreted as immediate profit-taking maneuvers. Amid the market’s stabilization post-ETF hysteria, Ethereum’s price actions and potential are under scrutiny, warranting close observation for future trends.

Conclusion

Vitalik Buterin’s recent hefty transfers to centralized exchanges, notably during market upheavals around ETF speculations, invite speculation about his market strategies. However, without explicit rationales from Buterin, market analysts and participants can only watch Ethereum’s performance to decipher potential implications.

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