Ethereum co-founder Vitalik Buterin has sold 2,961.5 ETH worth approximately $6.6 million over the past three days, according to on-chain data from Lookonchain. The sales were executed at an average price of $2,228 per ETH and were conducted through the CoW Protocol in small batches to minimize market impact. Arkham data confirms transparent fund flows from wallets associated with vitalik.eth, which also hold GHST, USDC, and EUROe.
This selling activity coincides with a severe market correction. Ethereum has dropped 8% in the past 24 hours and roughly 30% since the previous Thursday. The broader crypto market, including Bitcoin and most altcoins, is also experiencing fresh losses. Analysts attribute the market-wide downturn to factors including growing political tensions, economic uncertainty, and a hawkish stance from the U.S. Federal Reserve on interest rates.
For Ethereum specifically, additional pressure comes from consistent outflows from spot Ethereum ETFs. Data from SoSoValue shows investors withdrew over $400 million in just two days last week. After a brief $14.06 million net inflow on Tuesday, outflows resumed with $79.48 million leaving the ETFs on Wednesday. The recent price drop has also led to significant liquidations, with CoinGlass data showing over $210 million in long ETH positions liquidated in 24 hours.
Despite the headline-grabbing "dump" narrative, context suggests Buterin's sales are part of a planned capital management strategy, not panic selling. He recently transferred a larger sum of 16,384 ETH (over $43 million) to his philanthropic organization, Kanro, which focuses on biotech research and open-source security. Buterin is known for gradual selling patterns rather than sudden portfolio liquidation.
Market reaction has been emotional but likely disproportionate to the actual impact. While social media amplified fears, the $6.6 million sale is minuscule compared to Ethereum's daily trading volume of billions of dollars, suggesting a negligible effect on liquidity. Long-term holders recognize that Ethereum's fundamentals—including high network activity, strong development rates, and rapid Layer 2 adoption—remain unchanged. Vitalik Buterin continues to support ecosystem research, with proceeds potentially being reinvested into Ethereum's future.
