Ethereum co-founder Vitalik Buterin has intensified his Ethereum sales amid continued weakness in the cryptocurrency market. On-chain data shows that Buterin sold 1,869 ETH over the past two days, valued at approximately $3.67 million. During the same period, the price of Ethereum fell from around $1,980 to $1,850, representing a decline of more than five percent.
This pattern of selling mirrors a previous instance when Buterin offloaded 6,958 ETH for about $14.78 million, which coincided with a steeper 22 percent drop in Ethereum’s price from $2,360 to $1,825, according to updates from blockchain analytics firm Lookonchain. The most recent sales occurred one day after Lookonchain reported that Buterin had withdrawn 3,500 ETH from the Aave protocol. Ethereum has been struggling as it continues a multi-month downtrend from last August, when it reached all-time highs above $4,900.
Since February 2, Buterin’s Ethereum sales have exceeded 8,000 ETH. Earlier this year, he stated his plan to withdraw and liquidate a total of 16,384 ETH. He explained that the proceeds would support the development of the Ethereum ecosystem, fund open-source software projects, and provide infrastructure support as the Ethereum Foundation adopts a period of what he described as mild austerity.
Despite these sales, on-chain data from Arkham Intelligence indicates that Buterin still holds more than 224,000 ETH, which is valued at roughly $429 million at current market prices. Analysis of his wallet activity suggests that his wealth remains highly concentrated in Ethereum with very limited diversification into other assets.
In contrast, Erik Voorhees, the founder of ShapeShift, is taking an opposite approach by repurchasing Ethereum. After selling 11,616 ETH last year for approximately $33.94 million at an average price of $2,922, Voorhees recently used around $20.38 million in USDC to acquire 9,911 ETH at an average price of $2,057.
The overall market conditions for Ethereum remain fragile. Crypto analytics account Whale Factor recently warned that Ether is nearing a critical crossroads following a breakdown below a long-standing trend line and a sharp 41 percent sell-off, which has disrupted market structure. Ethereum is now trading near an important support level at approximately $1,750. If this support fails to hold, the downside could intensify, potentially triggering a deeper decline similar to the one observed earlier this year. Low liquidity in the market could further amplify price swings, as there are fewer buyers to absorb selling pressure.
