Ethereum co-founder Vitalik Buterin has completed a significant sale of his Ethereum holdings, liquidating a total of 19,268 ETH from a wallet known as the "project budget" over a 23-day period. According to on-chain data analyst Yu Jin, the sales amounted to approximately $38.77 million, with an average selling price of $2,012 per ETH.
This figure notably exceeds the 16,384 ETH sale Buterin publicly disclosed in late January. Subsequent reports from analytics providers like Lookonchain and Etherscan indicate the total sold may be around 17,196 ETH, still representing a 4.9% increase over the initially announced allocation. The transactions involved multiple transfers to wallets associated with centralized exchanges before execution.
The proceeds from the sales were converted into various stablecoins within the Ethereum ecosystem, including USDtb, GHO, EURC, PYUSD, and LUSD. Buterin stated the funds are intended to support open-source development, philanthropic initiatives, and long-term ecosystem support, specifically mentioning the goal of building "an open-source, secure, and verifiable full-stack hardware and software system."
The sales occurred as Ethereum's price was trending downward, having declined roughly 37% at the time of Buterin's activity. This move is part of a broader pattern of increased selling pressure from both crypto whales and retail investors during a period of market uncertainty. Buterin framed the action within a personal "period of moderate austerity," stating he would directly assume some responsibilities typically handled by a "special project" within the Ethereum Foundation.
Market commentators have noted that while Buterin has a history of transparent, controlled sales to fund ecosystem development, founder selling—even when disclosed—can negatively influence market sentiment during volatile periods. The timing and volume of the sales have drawn scrutiny from traders and analysts, as large liquidations during a downturn can exert additional liquidity pressure on the market.
