Vitalik Buterin Sells Nearly 3,000 ETH in Series of Small Onchain Swaps

Ethereum co-founder Vitalik Buterin sold about 2,961 Ether worth $6.6 million over a three-day period, after previously announcing plans to withdraw some of his holdings.

Blockchain tracker Lookonchain said in a Thursday X post that the transactions were executed at an average price of about $2,228 per Ether (ETH). Ethereum’s native cryptocurrency traded at around $2,130 at the time of writing, down by more than 5% over the past day, according to CoinMarketCap.

Arkham Intelligence data shows that the ETH sales were routed through CoW Protocol, with multiple small swaps rather than a single block trade. Such transactions are commonly used to reduce market impact.

Related: XRP traders more optimistic as BTC, ETH mood turns sour: Santiment

Buterin earmarks $45 million in ETH for privacy and open infrastructure push

Last week, Buterin said he has set aside 16,384 Ether, worth about $45 million, from his personal holdings to support privacy-preserving technologies, open hardware and secure, verifiable software. He added that the funds would be deployed gradually over the coming years as the Ethereum Foundation enters a period of what he described as “mild austerity,” while continuing to pursue its technical roadmap.

Buterin said he is personally taking on responsibilities that might otherwise fall under special foundation projects, with a focus on building an open, secure and verifiable technology stack spanning software and hardware.

Specifically, we are seeking the existence of an open-source, secure and verifiable full stack of software and hardware that can protect both our personal lives and our public environments.”

The Ethereum Foundation has previously faced criticism for selling ETH to fund operations, but has since explored alternative strategies, including staking and decentralized finance-based approaches.

Related: Crypto wallet provider Payy launches Ethereum L2 with built-in transaction privacy

Market sensitivity grows amid uncertainty

The sales come during a period of heightened sensitivity toward large holders. Falling ETH prices have prompted leveraged Ether whales to unload assets to repay loans, adding to the sell pressure.