Vitalik Buterin Moves $3.6 Million of ETH To OKX, Ethereum Price Dump Incoming?

Dalmas Ngetich

Last Updated: June 11, 2024 2:38 pm

3 mins read

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An address associated with the Ethereum co-founder, Vitalik Buterin, has moved 2,013 ETH to OKX, a cryptocurrency exchange, Lookonchain, citing Etherscan data, on July 11 shows. According to on-chain data, the stash is currently valued at over $3.76 million and has not transferred any funds to a cryptocurrency exchange for the first time.

Vitalik Buterin Transfers

The address has previously moved funds to Kraken, another cryptocurrency exchange. However, what’s evident is that the address, only identified as “0x9e92”, has been actively moving funds.

Over the years, the address has received 22,300 ETH, approximately $41.6 million, from December 30, 2022, to May 18, 2023. Apart from today, the wallet only moved funds once 70 days ago when the whale transferred funds to Gemini.

Whale and miner transfers to centralized cryptocurrency exchanges may be considered bearish. This is because users can readily convert crypto assets to fiat currencies like USD or stablecoins in these exchanges.

As such, the more whales and miners transfer to centralized exchanges; the more retailers may choose to sell their coins, heaping more pressure on asset prices. Still, it has yet to be determined whether the address associated with Vitalik Buterin will sell.

However, considering his past transfers, his deposit to OKX may not affect sentiment or adversely impact ETH prices.

Ethereum Prices Choppy

The recent deposit to OKX coincides with choppy price action across the cryptocurrency markets. Notably, major cryptocurrencies, including Bitcoin, have been under pressure, with bears forcing prices lower over the past few months.

In recent months, the overall value of the cryptocurrency market has decreased since the previous period of growth. During that time, the price of Ethereum surged to over $4,800 before plummeting to current levels.

When writing on July 11, Ethereum prices were choppy and moving horizontally below the $1,900 and $2,000 resistance levels. Although traders are bullish, their confidence has not translated to strength since ETH prices are moving inside a bull flag with support at around $1,800, evident in the daily chart.

Ethereum price on July 11| Source: ETHUSDT on Binance, TradingView

Meanwhile, decentralized finance (DeFi) and non-fungible token (NFT) activities remain suppressed, impacting ETH demand. In Ethereum, ETH, the native currency, is used to pay for gas fees and others. Gas fees rise during heightened activity, which may lift ETH prices.

In early May 2023, the Ethereum Foundation sold 15,000 ETH on Kraken, a cryptocurrency exchange. Their move coincided with a notable contraction of Ethereum prices in the first half of May. Therefore, whether the address associated with a potential Vitalik Buterin deposit to OKX might catalyze bears is yet to be seen.

Feature Image from Canva, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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