Vitalik Buterin, one of the co-founders of Ethereum, recently announced he would stop selling the cryptocurrency. This statement has sparked widespread discussions within the crypto community.
Buterin's Statement
Vitalik Buterin stated that starting next year, he plans to publicly mention only those projects that have reached stage 1 and above, with a possible short grace period for genuinely interesting new projects, regardless of whether he invested in them or they belong to his friends.
Recent Sales
Buterin's last sale of $441,000 worth of Ethereum on September 12 was reportedly the final one in a pre-planned series of sales set up on August 29. He utilized a TWAP strategy, breaking large orders into smaller segments to minimize market impact. The proceeds from the sales were allocated to various projects, emphasizing that they were not for personal profit.
Community Reaction
The Ethereum community has expressed concerns about Buterin’s frequent sales, believing they were used to provide liquidity for his funded projects. According to LookOnChain, the wallet associated with Buterin sold a total of $2.28 million worth of Ethereum since August 30. At the time of writing, Ethereum is trading below $2,500, having wiped out its gains for the year but maintaining a support level above $2,200.
The community continues to watch the situation closely, hoping for stabilization and growth free from the pressures of significant sell-offs. Despite the sales conducted, Buterin still holds approximately 240,000 ETH, equivalent to over $500 million.
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