Ethereum co-founder moved millions to Gemini around ETF frenzy

Ethereum co-founder Vitalik Buterin has reportedly made significant crypto transfers to centralized exchanges since September. On-chain analyst Lookonchain reported that his wallet moved 14.93 million USDC to the Gemini exchange on Monday. The transfer coincided with the Bitcoin price surge that was caused by false reports of a spot ETF approval. 

Ethereum co-founder continues exchange deposits 

Lookonchain's post on X provided details about the transfer, indicating that a wallet named Vitalik.eth received 14.93 million USDC four days prior. The sender 'Kanro' transferred the amount, which was subsequently deposited into the Gemini exchange.

Lookonchain also reveals that Buterin made a transfer of 500,000 USDC into the Coinbase exchange just two days prior to the Gemini transfer. In September 2023, Buterin executed multiple Ether (ETH) transactions from his wallet to Coinbase, totaling more than $3.9 million.

FXStreet previously noted a 400 ETH transfer, valued at approximately $632,000, to Coinbase on September 25. Estimates indicate that Buterin has deposited around 2,421 ETH, valued at $3.94 million, since September 15.

USDC transfer coincided with Bitcoin surge

The crypto market on Monday saw a short-lived surge in Bitcoin's price driven by false reports suggesting the approval of the iShares Spot BTC ETF application. Although the news turned out to be inaccurate, the price of Bitcoin saw a notable increase, leading to the liquidation of nearly $80 million in short positions.

As of the time of writing, the cryptocurrency market has stabilized, with Bitcoin (BTC) displaying minor daily gains. CoinGecko's data indicates a 1% price increase for Bitcoin in the last 24 hours and a 2% price increase over the past seven days, with Bitcoin's price hovering around $28,200. CoinShares' findings also reveal that Bitcoin witnessed $16 million in inflows last week.

In contrast, Ethereum's performance has been relatively subdued in terms of price action. Despite the recent launch of a futures-based exchange-traded fund (ETF), Ethereum has failed to attract substantial investor interest, CoinShares' finds. It also underscored lack of investor appetite with Ethereum outflows of $7.5 million recorded last week, offsetting much of the inflows observed the prior week. 

Vitalik Buterin's recent cryptocurrency transfers to centralized exchanges has caught market attention. Still, other similar recent transfers suggest the move should be viewed in the context of a broader series of transactions and not necessarily as isolated profit-taking sales. With the market now stabilizing after the ETF frenzy, Ethereum's tepid price performance will have to be monitored to understand its longer-term outlook.