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Ethereum Co-Founder Vitalik Buterin Sells $100K Worth Of ETH Amid 4% Tuesday Dip In Second Largest Crypto
Benzinga – On a Tuesday marked by a 4% decline in Ethereum’s (CRYPTO: ETH) value, the second largest cryptocurrency’s co-founder Vitalik Buterin was reported to have sold a portion of his holdings.
What Happened: According to PeckShield, a blockchain security company, “The address known as #vitalik.eth moved 30 ETH to #Railgun and exchanged approximately 27.63 ETH for 100K USDC, subsequently transferring them to #Base.”
#PeckShieldAlert #vitalik.eth – labeled address has transferred 30 $ETH to #Railgun and swapped ~27.63 $ETH for 100K $USDC, bridging them to #Base pic.twitter.com/Iatt1AmjHI
— PeckShieldAlert (@PeckShieldAlert) March 5, 2024
While ETH saw its price dip, its daily trading volumes experienced a surge, with a 68% increase taking the figure to $33.29 billion. This trading activity helped maintain Ethereum’s standing as the second-highest-valued cryptocurrency with a market cap of $453 billion.
Ethereum’s current performance comes as new capital flows into Bitcoin (CRYPTO: BTC) ETFs and anticipation surrounding the Bitcoin supply halving event.
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Why It Matters: One of the significant drivers behind Ether’s potential for price increase is the ongoing diminishment of supply on various exchanges. Glassnode, an on-chain market intelligence firm, indicated that ETH holdings on exchanges dropped to a 20-month minimum, with a recorded 13.14 million ETH—an approximate 7.7% decrease in the past 90 days.
Dune Analytics data shows that around 31.58 million ETH, valued at nearly $119.8 billion, have been staked, translating to 26.3% of the total supply of ETH being held and thus removed from the trading market. Over 987,000 validators are reportedly participating in this staking process.
In the last 24 hours, Ether faced liquidations that amounted to more than $209 million, data from CoinGlass shows.
Price Action: At the time of writing, ETH was trading at $3,600, down a 2.20% decrease over the last 24 hours, according to data from Benzinga Pro.
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Photo by DrawKit Illustrations on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read More: Ethereum Co-Founder Vitalik Buterin Sells $100K Worth Of ETH Amid 4% Tuesday Dip In Second
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