Ethereum co-founder Buterin dumped 3,000 ETH following the news of the FTX liquidation

The Ethereum co-founder received 5,000 ETH in two payments from the same address shortly before transferring 3000 ETH to the DeFi protocol, as shown by his transaction history.

DeFi Llama says Uniswap is an automated market maker that currently holds about € 3.6 billion in ETH across dApps and DeFi protocols. After the fall of FTX, the formerly fifth-largest cryptocurrency exchange in the world, Buterin converted 3,000 ETH into the stablecoin USDC, which could suggest he anticipates a decline in ETH’s price.

Ethereum strategy on market volatility

On November 14, 2022, on-chain data from Santiment revealed that while active ETH deposits increased, Ethereum daily active users decreased, indicating that speculation about a lack of trust in the cryptocurrency industry was causing traders and investors to hold off. When Buterin transferred 30,000 ETH from his wallet in May, the price of ETH, which was trading at € 2,086 at the time, was expected to fall. The funds were kept in a wallet for charitable donations. 

Volatility to persist as confidence is restored

While Bitcoin dropped below € 16,000 due to the FTX scandal, Ether established a support range between € 1,000 and € 1200. It’s hard to say whether ETH’s bottom has been reached. The most recent low was € 880 on June 18, 2022. In a centralized exchange market filled with uncertainty, many players are trying desperately to establish their legitimacy in the face of the failure of FTX.

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