Ethereum Founder Sends Nearly $500K Worth Of ETH To A Major Exchange
Per the insights provided by the on-chain analytics platform @lookonchain, Vitalik Buterin recently transferred Ethereum tokens worth almost $500,000 to a leading exchange. The @lookonchain platform monitors massive crypto transactions involving “Smart Money” wallets.
Similarly, a significant Ethereum transfer of approximately $30 million worth of cryptocurrency was executed by the Ethereum Foundation to the same platform.
Significant ETH Selloffs
According to the @lookonchain data, the vitalik.eth wallet initiated the transfer of 250 Ethereum (worth approximately $500,000) to Kraken, the US-based crypto exchange. Subsequently, the Ethereum Foundation also transferred a massive amount of 15,000 ETH to Kraken.
When the Ethereum Foundation’s transaction is combined with Buterin’s cryptocurrency transfer, the total transaction is $30,500,000 in fiat currency. Whale Alert, another popular crypto transaction monitoring platform, confirmed the second transfer.
It is worth mentioning that the Ethereum CEO occasionally sells his Ethereum tokens in nearly equal amounts. Earlier this year, he sold 210 ETH for approximately $325,000 in exchange for the USDC stablecoin.
Interestingly, Buterin also sold that 210 ETH on Kraken, the exact crypto exchange where he and the Ethereum Foundation transferred their cryptocurrency recently. At the time of the previous sale in mid-February, Ethereum was valued at $1,545.
However, on March 13, another 200 ETH was transferred by Vitalik to Kraken, where it was sold for $1,656 per coin.
Ethereum Eyes $2,000 Price Level
According to the data aggregating platform Santiment, Ethereum saw a significant increase in inflows to various cryptocurrency exchanges, reaching an 8-month high on Friday, May 5. The analytic firm believes that the surge in inflows to crypto exchanges could indicate an imminent rise in volatility.
This volatility is akin to the market fluctuations observed after the FTX downfall in November and the Merge event in September last year. Santiment further noted that the current level of active ETH deposits to exchanges is the highest since November 2021.
However, Ethereum’s price movement indicates breaking away from its correlation with Bitcoin and may surpass the $2,000 mark shortly.
ETH Burn Rate Reaches Unprecedented Levels
Over the last 24 hours, a record-breaking amount of Ethereum has been burned, corresponding with the recent surge in the asset price. This huge burn rate can be attributed to the ongoing “meme coin season,” as most meme coins are built on the Ethereum network, leading to a surge in their activity and, consequently, high ETH fees.
This indicates the need to burn ETH and decrease its circulating supply. Data shows that Ethereum saw a 5.7% price uptick on Friday alongside a trading volume of more than $10 billion on the same day.
According to a tweet by David Hoffman, a prominent advocate of Ethereum, 10,300 ETH has been burned, with nearly half of the amount being used up in Uniswap trades. Per crypto analyst Mercek, the supply of Ethereum has declined by 0.80% over the past month, and the current meme season may double the rate of burning ETH.
In another development, the open interest (OI) in Ethereum has also surged significantly. A crypto analyst known as Byzantine General recently observed that the OI for Ethereum is “getting pretty insane.”
According to data from Coinglass, Binance has the most extensive open interest in Ethereum, with 1.27 million. The prominent crypto exchange accounts for 37.19% of the total OI rate.
The spike in open interest indicates that more investors are confident of a bullish bias toward Ethereum’s future price actions. Their bias contributes to the already prevailing bullish sentiment in the market.
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