Vitalik Buterin has once again stolen the attention of the crypto market when he sold about 17,000 ETH in a month, after allocating $45 million worth of funds to the development of privacy technology.
At the time of writing, the price of Ethereum is currently at $1,853.31, up 0.06% since it opened early Wednesday in Asian trading.
According to data from Arkham Intelligence, the Ethereum co-founder's Ether holdings have decreased from around 241,000 ETH to 224,000 ETH this month.
The sale was done in stages and channeled through the CoW Protocol using small transactions to reduce the impact on the market.
This move comes after he announced that 16,384 ETH from his personal holdings were set aside to fund projects related to privacy, open source software and secure and auditable hardware systems.
The initiative is also in line with the Ethereum Foundation’s ‘mild austerity’ approach, while maintaining the network’s technical direction.
However, this sell-off comes at a time when ETH prices are weak.
Ether has reportedly fallen over 37% in a month and is currently trading around $1,825.
While over 30% of ETH’s supply is still locked in staking, market sentiment remains cautious, especially as key figures like Vitalik himself reduce holdings.
