Most investors are eager to make a profit from any form of a Santa Rally. Everything was seemingly quiet this time around except for Vitalik Buterin. The Ethereum co-founder became the center of attention when claims emerged stating that he plans to sell $25 million of the cryptocurrency.
Records from Etherscan revealed up to 92,000 ETH valued at around $11.5 million moving from a single wallet to U.S. exchange Kraken on December 25.
Who Is The Source?
As previously noted by ViewBase, the wallet contained over 300,000 ETH before that transaction. Notably, it received most of its content from Buterin several years in the past. This whale could probably be an ETH developer or Buterin himself as summarized by ViewBase.
That transaction was one of the three major movements to exchanges that got triggered in quick succession. Huobi received 99,987 ETH while Binance got 25,908 ETH. The cumulative value of these transactions stands at $25.5 million. Commentators quickly raised concerns and fears that Buterin or a major ETH investor was planning to execute a major sell-off.
Panic Over Probable ETH Dumping
Buterin has not commented on this matter so far and that has formed more rumors about an ETH liquidation in recent days. Buterin, while speaking in an interview earlier in December, explained that he oversaw the sale of up to 70,000ETH in 2018. That happened when the altcoin was trading near its all-time high. The money acquired was worth approximately $100 million.
Reports from last week revealed a 789,000 ETH transfer between two wallets. These wallets are known to be controlled entirely by the Ponzi scheme PlusToken and that triggered further concerns.
Pundits and commentators have become excessively hostile towards Ethereum as 2019 winds down. Also, developers have earned scorn for their management of this network and its major update roadmap.
The biggest altcoin is undergoing two hard forks within weeks which Udi Wertheimer, a famous Bitcoin supporter, has described as “absurd.” Since the start of December, ETH/USD has lost almost 17%. Sadly, the pair is down over 60% compared to its 2019 highs of $335.