Wallet Linked To Vitalik Buterin Sells 190 ETH For $441K Even As Spot Ethereum ETFs Break Their 5-Day Outflow Streak

Updated: 11 September 2024

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A wallet linked to Ethereum co-founder Vitalik Buterin sold another 190 ETH tokens for over $441,971 USD Coin (USDC) earlier today even as spot Ethereum ETFs (exchange-traded funds) broke their 5-day outflow streak.

The wallet in question has received 3,800 ETH worth $9.8 million from Buterin and has sold 950 ETH worth $2.28 million at an average price of $2,396 since Aug. 30, according to a Sept. 11 post on X by on-chain monitoring platform Lookonchain.

Spot Ethereum ETFs Record Over $11 Million Net Inflows

Meantime, spot Ethereum ETFs were able to bring an end to their multi-day net outflow streak on Sept. 10, according to data from Farside Investors. Fidelity’s FETH led the charge with $7.1 million in net inflows yesterday. Meanwhile, the ETF belonging to asset management titan BlackRock posted $4.3 million in net inflows.

Grayscale’s ETHE, which has seen the most capital leave its reserves since its conversion to an ETF earlier this year, recorded zero flows. This ultimately allowed the funds to record net inflows yesterday. The remaining funds also recorded zero flows on Sept. 10 as well.

BlackRock’s ETHA has recorded the most inflows overall since spot Ethereum ETFs launched in the US. Farside Investors data shows that over $1 billion has entered the fund since its inception. Meanwhile, Fidelity’s FETH is in second place with total inflows amounting to $412.5 million.

These opposing indicators from the Ethereum co-founder Buterin on one hand, and big institutional investors on the other, come amid a period of uncertainty for the crypto market, with some viewing it as a short-term market correction and others an opportunity to buy the dip for longer-term gains.

Analyst Says ETH Ecosystem Is Starting To ”Wake Up”

Renowned crypto analyst and trader Michael van de Poppe noted several milestones within the Ethereum ecosystem that he believes shows it is starting to “wake up.” In a Sept. 10 post on X, he said that Aave (AAVE) has hit its highest price point in more than 2 years.

The $ETH ecosystem is waking up!

▫️ $AAVE hits heighest point in 2+ years
▫️ $OP hits heighest point since end of July
▫️ $WOO & $ENS waking up

I’m happily invested into the Ether ecosystem.

— Michaël van de Poppe (@CryptoMichNL) September 10, 2024

Van de Poppe also noted that Optimism (OP) has reached its highest price since the end of July this year, while WOO and Ethereum Name Services (ENS) are also starting to come alive.