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After Ethereum’s growth, Vitalik Buterin transferred 210 ETH to USDC
According to online data, the co-founder of the main altcoin Vitalik Buterin transferred 210 ETH worth about $ 325,000 to the USDC stablecoin. Cryptocurrency analysts have identified several reasons for such actions of the developer, and we will describe some of them.
#PeckShieldAlert vitalik. eth has swapped ~210 $ETH for ~324.4k $USDC ($ETH at $ 1,545) and transferred these $USDC to Krakenhttps://t.co/2Ee7PpY81n pic.twitter.com/jsnao8JARx
— PeckShieldAlert (@PeckShieldAlert) February 15, 2023
One potential reason is Buterin’s desire to profit while the value of ETH $2,287.45 Bridged Ether (StarkGate) -2.04% Market capitalization $40.71 million VOL. 24 hours $0.59 billion is rising. As the cryptocurrency market continues to experience price fluctuations, many investors sell their assets during market rises to lock in profits. However, considering Buterin’s billion-dollar fortune, $ 325,000 in USDC does not play a significant role.
Another possible reason is that the developer needs the funds for a specific purpose, such as investing in a new project or paying expenses. Previously, Buterin sent significant sums to charity, in particular to help Ukraine.
Some cryptocurrency analysts have suggested that Buterin is trying to avoid investment risks, so he decided to convert some of the ETH into stablecoins. USDC is pegged to the US dollar, which makes it less volatile than other digital assets. USDC can be used to make purchases or trade on various exchanges.
It is also possible that Vitalik Buterin is simply rebalancing his portfolio or making room for new investments. As an experienced blockchain user and developer, the sale of Ethereum may be a strategic move by Buterin to further purchase various tokens, even those that are not based on EVM.
It is worth noting that the value of Ethereum began to rise rapidly after the bulls were active above the $ 1500 support level. ETH overcame many obstacles at $ 1570 and $ 1600 and moved into the positive zone, just like bitcoin. Ethereum’s value has risen by more than 8% over the past 24 hours and 2% over the past 7 days. The price is currently consolidating gains, and ETH is trading well above its 100-hour moving average.