Vitalik Buterin Wallet Sends Final 649 ETH to Paxos Amid Ethereum Price Recovery

Vitalik Buterin wallet “0x556” has transferred a final deposit of 649 ETH, worth $1.72 million, to Paxos after previous transactions totaling 1,300 ETH. The sell-off aligns with Ethereum 2.50% pullback in recent days.

In a noteworthy transaction, a wallet linked to Ethereum co-founder Vitalik Buterin, known as “0x556,” made a final deposit of 649 ETH, valued at $1.72 million, to Paxos. This latest transfer follows a series of transactions over the past 11 days, where the wallet moved a total of 1,300 ETH, valued at $3.21 million, from wallet “0xd04.”

Initially funded by Buterin with a substantial 70,000 ETH in 2022, the wallet has seen steady activity, with these latest movements occurring during Ethereum’s recent market fluctuation. As of now, Ethereum has experienced a 2.50% pullback over the last three days, aligning the sell-off with the broader market trends.

Buterin’s Moves and Market Impact

The sell-off at an average of $2,581 per ETH has caught the attention of the crypto community, as it follows Ethereum’s recovery run, raising questions about the timing and potential reasons for Buterin’s actions. While no official statement has been made, these large transfers could have broader implications for the market, as Ethereum investors watch closely for further moves.

Despite the recent sell-off, Ethereum remains a leading force in the cryptocurrency space, with analysts predicting continued resilience and future growth. The recent transactions, however, highlight the volatility of the market, particularly during significant price movements.

What’s Next for Ethereum?

As Ethereum continues its recovery, the community remains eager to see how this latest activity might influence market sentiment. With Ethereum co-founder Buterin making large transfers, speculation about further price shifts or strategic moves from prominent players continues to grow. For now, the focus remains on Ethereum’s next steps, particularly in light of ongoing market corrections and investor behavior.

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