• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Ethereum Versus Bitcoin

Vitalik Buterin And Ethereum Foundation Selling ETH – Will Prices Fall?

Dalmas Ngetich by Dalmas Ngetich
4 weeks ago
in All
Reading Time: 2 mins read

Ethereum supporters are confident that prices will break the $2,000 level. However, recent moves by its founder, Vitalik Buterin, and the Ethereum Foundation, the team managing the smart contracting platform, raises concerns, especially from coin holders and traders, on whether the coin has what it needs to break above key resistance levels.

ETH Transfer Raises Concerns Among Investors

On May 5, a tracker, LookOnChain, noticed that Vitalik.eth, the domain associated with Ethereum co-founder Vitalik Buterin, transferred 200 ETH, which is worth about $400,000 at current valuation, to Kraken, a cryptocurrency exchange.

Related Reading: New “Ethereum Killer” SUI Launches Today, What You Need To Know

Shortly after that, the Ethereum Foundation also made a much larger transfer, moving 15,000 ETH, worth about $30 million, to the same platform.

After vitalik.eth transferred 200 $ETH($396K) to #Kraken, ETH Foundation also transferred 15,000 $ETH($29.7M) to #Kraken.https://t.co/FPVeH3Z8sJhttps://t.co/AHALnpKtxd pic.twitter.com/iLIHghJUIX

— Lookonchain (@lookonchain) May 6, 2023

 

This has raised concerns among holders, who are worried that the dumping of such a large amount of ETH could further pressure prices.

It’s worth noting that ETH is currently down 13% from its April highs, and sliding.

Ethereum Price On May 6| Source: ETHUSDT On Binance, TradingView
Ethereum Price On May 6| Source: ETHUSDT On Binance, TradingView

Coin holders, including those of ETH, typically send tokens from time to time. Even so, any transfer to a centralized exchange is interpreted as bearish. Vitalik Buterin might need funds to cover operating costs or even invest in projects. At this time, it is not known why he sells.

In the past, Buterin has sold ETH in batches without causing a significant price drop.

#PeckShieldAlert vitalik.eth has transferred 200 $ETH to Kraken within the last 1 hourhttps://t.co/1kkcQ1ZAbO pic.twitter.com/9T4VC0fSmX

— PeckShieldAlert (@PeckShieldAlert) March 13, 2023

Despite this development, some analysts, including Santiment, believe that ETH may be decoupling from Bitcoin, and that it might soon recover, breaking above $2,000.

According to data from Santiment, a leading on-chain data company, there has been a significant increase in the amount of Ethereum being moved to crypto exchanges over the past few months.

 

😮 #Ethereum's active deposits just hit an 8-month high. As we research the most likely cause, we can currently state that this likely will foreshadow upcoming increased $ETH volatility, similar to the result of spikes during the #merge & #FTX collapse. https://t.co/aBeHQudM52 pic.twitter.com/oHeypfUPvJ

— Santiment (@santimentfeed) May 5, 2023

Ethereum Sees Increased Adoption

Despite these concerns, there are also positive signs, based on on-chain activity.

A record amount of ETH was burned at the end of this week, thanks to the meme coin craze, and specifically, PEPE. The majority of meme coins run on Ethereum and are being actively moved with higher gas fees, providing a great opportunity to burn ETH and decrease the circulating supply.

 

31.7K $ETH has been burned in the past seven days.

To put that in perspective, since the merge (231 days ago), 152K ETH total has been burned.

That’s ~21% of the total burn in ~3% of the total days.

This is the power of meme coins. pic.twitter.com/iFsZaDH5LU

— K A L E O (@CryptoKaleo) May 5, 2023

 

In addition, Ethereum is seeing increased adoption from major companies and institutions, which is driving up demand for the cryptocurrency.

Last week, the European Investment Bank (EIB) announced that it had issued its first-ever digital bond on the Ethereum blockchain, marking a significant milestone for the cryptocurrency.

The increased adoption and burning of ETH due to the meme coin mania could sustain prices above key support levels in the days ahead. Still, it remains to be seen how prices will react in the days ahead.

Related Reading: Ethereum Transaction Fees Hit May 2022 Highs, What This Means For ETH?

The sharp drop on May 6, reversing gains of May 5, could anchor the next leg down, forcing even more liquidations towards the $1,500 support line.

-Featured Image From Canva, Chart From TradingView
Tags: ethereumethereum foundationethereum priceGas Feesmeme coinsPEPEVitalik Buterin
Tweet123Share196ShareSend
Dalmas Ngetich

Dalmas Ngetich

Dalmas is a crypto reporter covering NFTs, blockchain, DeFi, and blockchain news for NewsBTC. He’s part of a team of talented team working on bringing latest crypto development across the board. Dalmas is also the ex-founder of btc-pulse.com, a crypto news outlet. Dalmas has over 10 years of experience covering Forex, general finance, technology, and blockchain developments. His work and that of his partners has been featured in top news outlets including investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. He’s passionate about technology and politics. When he’s not keeping tabs on crypto events, you’ll find him out in nature, exploring and traveling with family and friends. You can follow Dalmas on Twitter @Dalmas_Ngetich or ping him on Telegram @Dalmas_Ngetich

Related Posts

XR[

XRP Climbs 12% As Crypto Celebrates 11-Year Milestone

1 day ago
Band Protocol Price

BAND Protocol Prices Stabilize After 40% Plunge: Will These Key Developments Help?

7 days ago
US Debt Ceiling Bitcoin

Will This Political Deal In The US Save Bitcoin and Crypto?

1 week ago
lido

Lido DAO Records Biggest Network Transaction In 2 Years – Santiment

4 weeks ago
Radix

Radix (XRD) Gains 14% In The Past Week, Continues Impressive Form

1 month ago
Bitcoin (BTC)

Why This Top Financial Expert Is Saying ‘Buy Bitcoin’ Amid Looming Bank Failures

1 month ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    4 days ago
  • Willing to buy new crypto: Here are the best 10...

    4 days ago
  • Best Crypto Meme Coin Presales in 2023

    4 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Sphere Financial Inc: Transforming the World of Finance...

    49 mins ago
  • As Pepe (PEPE) Hype Becomes History, DigiToads (TOADS)...

    4 hours ago
  • InQubeta (QUBE) Could Overtake Aave (AAVE) in Market Cap...

    4 hours ago
  • AI Analytics: SingularityNET, Ripple, and The Sandbox Top...

    5 hours ago
  • According to experienced traders, Aave (AAVE) and InQubeta...

    9 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.