Connect with us
DAPA Banner

Crypto World

Vitalik Buterin Accelerates ETH Sales Amid Renewed Market Weakness

Published

on

Copy-Paste L2s Are Hurting Ethereum’s Progress


Recent Buterin-linked ETH sales arrive as ether extends a multi-month downtrend from last year’s highs above $4,900.

Vitalik Buterin has ramped up ETH sales again. On-chain data revealed that the Ethereum co-founder sold 1,869 ETH worth roughly $3.67 million over the past two days.

During the same period, Ethereum’s native token declined from about $1,980 to $1,850, a drop of over 5%.

Advertisement

ETH Sales

The transaction pattern is similar to a previous episode, when Buterin sold 6,958 ETH worth approximately $14.78 million, which coincided with a sharper 22% price slide from $2,360 to $1,825, according to an update shared by blockchain analytics firm Lookonchain.

The latest sales came a day after Lookonchain flagged Buterin’s withdrawal of 3,500 ETH from Aave. ETH has been under pressure as the broader market downtrend continues since the crypto asset reached highs above $4,900 in August last year.

Sales linked to Buterin have exceeded 8,000 ETH since February 2, as per data. Earlier this year, Buterin said he would withdraw and liquidate 16,384 ETH and explained that the funds would be directed toward ecosystem development, open-source software efforts, as well as infrastructure support as the Ethereum Foundation enters what he called a phase of “mild austerity.”

Despite the recent disposals, on-chain intelligence from Arkham Intelligence disclosed that Buterin continues to hold more than 224,000 ETH, which is valued at around $429 million at current market prices. An earlier Arkham analysis of Buterin’s wallet activity revealed that Buterin’s wealth remains overwhelmingly tied to ETH’s price performance, with limited diversification into other assets.

Advertisement

In contrast to Buterin’s recent ETH sales, Erik Voorhees is moving in the opposite direction. The ShapeShift founder has begun buying back ETH after selling a large portion last year.

You may also like:

About a year ago, Voorhees sold 11,616 ETH for approximately $33.94 million at an average price of $2,922. More recently, he spent around $20.38 million in USDC to repurchase 9,911 ETH at an average price of $2,057.

Fragile Market Condition

Crypto market account Whale Factor warned that Ether is approaching a “massive crossroads” and pointed to a recent breakdown below a long-standing trend line, followed by a sharp 41% sell-off, which was characterized as severe and destabilizing for market structure.

According to Whale Factor, the altcoin is now trading near a critical support zone around $1,750. If this level fails to hold, the downside risk could accelerate and potentially lead to a deeper decline similar to conditions seen earlier in the year. ETH is also facing thin liquidity, meaning fewer buyers are present to absorb selling pressure, which could amplify price moves.

Advertisement
SPECIAL OFFER (Exclusive)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

Published

on

South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

South Korea has ordered all crypto exchanges to reconcile their internal ledgers with actual asset holdings every five minutes after an inspection uncovered weaknesses in internal controls.

The directive was announced on Monday by the Financial Services Commission (FSC) after a meeting with top crypto exchanges and the Digital Asset Exchange Alliance (DAXA), during which they discussed the findings of an emergency inspection triggered by the Bithumb payout incident.

The inspection found that three of the country’s five major exchanges were reconciling balances only once every 24 hours, limiting their ability to respond quickly to discrepancies. Systems designed to halt trading during major mismatches were also found to be insufficient, raising concerns about how exchanges would handle large-scale errors.

In February, Bithumb mistakenly distributed 620,000 Bitcoin (BTC) to 249 users during a promotional event. The exchange later announced that it recovered 99.7% of the funds the same day. The remaining 0.3%, 1,788 BTC that had already been sold, was covered using company reserves.

Advertisement

Related: Bithumb seeks to reappoint CEO despite recent controversies: Report

South Korea mandates five-minute asset checks

Under the new measures, exchanges must implement automated ledger-to-wallet reconciliation systems operating on a five-minute cycle. They will also be required to introduce defined criteria for triggering automatic transaction halts in the event of significant discrepancies.

Beyond reconciliation, regulators are pushing for sweeping changes to internal operations. High-risk processes like promotional payouts will require stronger oversight, including third-party cross-checks and multi-level approval systems. Exchanges will also need to separate high-risk accounts and implement automated verification tools for payments.

Top Korean crypto exchanges. Source: CoinGecko

Furthermore, external audits will shift from quarterly to monthly, while disclosures will expand to include detailed asset balances by wallet and ledger.

“The financial authorities and the DAXA plan to complete the rule changes needed to implement the improvement measures within April this year,” the FSC wrote.

Advertisement

Related: South Korean brokerage Korea Investment & Securities eyes Coinone stake: Report

Bithumb delays IPO to post-2028

Last week, Bithumb announced it is now targeting an IPO after 2028, marking another delay from its earlier 2025 plans as it works through restructuring and regulatory pressure. The exchange said it will focus on strengthening accounting policies and internal controls through 2027, following an advisory agreement with Samjong KPMG.

Meanwhile, Naver Financial has also delayed its planned share swap with Dunamu by about three months, now targeting a shareholder vote on Aug. 18 and completion by Sept. 30.

Magazine: South Korea gets rich from crypto… North Korea gets weapons

Advertisement