An further chunk of Ethereum was delivered by Ethereum co-creator Vitalik Buterin to Coinbase, the biggest cryptocurrency exchange in the United States, according to the blockchain detective account on the X app, @OnchainDataNerd.
Buterin keeps depositing ETH to Coinbase
Buterin has already sold ETH on other occasions this year. He has been transferring Ethereum to Bitstamp and Coinbase services. Prior to that, at the end of September of this year, he transferred a sizeable portion of his brainchild cryptocurrency to Coinbase, as reported by U.Today.
https://x.com/OnchainDataNerd/status/1719583823892279368?s=20
Buterin has been selling ETH on Coinbase in little increments; in September, he transferred 400 ETH there. As of right now, he has moved 100 ETH there. The previously stated source claims that Vitalik sold 100 ETH for $181,000, or $1,810 per coin.
Buterin made a $1 million deposit of about 600 ETH into Coinbase in August of this year. He transferred $1,000 worth of ETH to the Bitstamp exchange on October 7 and sold it there for almost $1.64 million. In all, data supplied by “Smart Money” tracker @lookonchain shows that in September and October, 4,400 ETH were moved from Buterin’s wallet to that centralised cryptocurrency exchange. This is the equivalent of about $7.23 million worth of ETH.
Zero impact on Ethereum price
The apparent sell that followed Buterin’s ETH transaction to Coinbase today did not appear to have an effect on the price of Ethereum, the second-largest cryptocurrency.
After rising 12.87% in only 48 hours to reach a height of $1,848 on October 24, Ethereum has dropped 2.3% overall but is still trading over the $1,800 mark.
The aforementioned source stated that in late October, a number of fresh wallets made an astounding ETH buy on exchanges by withdrawing 47,760 ETH, which was valued at $82.97 million at the time, to their cold wallets.
$8,000 prediction for Ethereum
Global financial behemoth Standard Chartered has told U.Today that they anticipate an increase in Ethereum’s price to $8,000 in the next years.
This audacious forecast was justified by the Ethereum blockchain’s pioneering position in the domains of smart contracts, gaming, DeFi, and the tokenization of conventional assets.
Additionally, a number of sizable fund managers have filed requests for authorization to introduce Ethereum spot ETFs with the SEC, a U.S. regulatory body. Many market participants anticipate that the price of ETH may soar if they are legalised. Although the SEC is currently reviewing over a dozen files for Bitcoin spot ETFs, Galaxy Digital CEO Mike Novogratz anticipates that the first BTC ETF will be authorised this year.
