Vitalik Buterin, co-founder of Ethereum, has again made headlines for selling Ether Token from a wallet associated with him. on-chain analytics platform Lookonchain identified a wallet belonging to Buterin and tracked multiple Ether transactions from the address since August 30.
Over the past two months, the Ethereum Foundation and Buterin have faced a lot of criticism regarding the sale of Ether and the transfer of Token to exchanges.
Vitalik Buterin said he has not Token Sale ETH tokens for profit since the ICO in 2018. However, recent transactions from an on-chain wallet address associated with the Ethereum co-founder have raised concerns among the ETH holding community.
One wallet address received 3,800 Ether worth $9.8 million and sold 950 Ether Token worth $2.28 million at an Medium price of $2,396 since August 30. Data from Lookonchain shows that on Wednesday morning, Buterin sold 190 Ether worth $441,971.
The constant transfers of Ether from the co-founder are causing concern for Ethereum investors as the altcoin is under selling pressure. According to data from Santiment, the volume of Ether on exchanges increased to 21.15 million on September 11.
The increase in Ether volume on exchanges indicates that selling pressure is increasing and could negatively affect the price of the asset.
Ethereum Supply on Exchanges vs Price | Source: Satiment
At the time of writing, Ethereum is trading at $2,379, flat over the past 24 hours.
You can XEM the ETH price here.
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