A wallet connected to Vitalik Buterin moved 1,300 Ethereum, worth $3.17 million, to a new wallet. Earlier, this wallet received 700 ETH from another wallet, believed to be linked to Buterin or someone close to him. This news has started talks about the reason for the transfer. This move has drawn attention from investors, especially since the price of ETH went up by nearly 6% today, leading to speculation about whether it could reach $5K.
The popular on-chain transaction tracker, Lookonchain, revealed that a wallet with the address “0xD04d” moved 1,300 ETH to another wallet “0x5567” today. Lookonchain believes this $3.17 million transfer is likely linked to Ethereum’s founder, Vitalik Buterin.
After receiving the funds, the “0x5567” wallet sent 74.17 ETH, worth around $181,000, to the crypto platform Paxos. Interestingly, this isn’t the first time these wallets have moved funds. Around 348 days ago, the same wallet transferred 1,000 ETH, then worth $2.45 million, to “0x5567.”
After receiving the 1,000 ETH, the wallet deposited it to the Bitstamp exchange. These repeated transfer patterns have sparked discussions in the market about the possible reasons behind them and their impact.
Lookonchain also reported that the sender had previously received 70,000 ETH from another wallet, which is likely connected to Vitalik Buterin or someone close to him. This large sum, worth about $171.5 million, has further fueled speculation, especially following the recent transfers.
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Impact of Vitalik Buterin-Linked Wallet Transfer on ETH
Despite the recent transfer involving a wallet linked to Vitalik Buterin, ETH’s price rose by over 5.6%, trading at $2,431. Its trading volume increased by 49% to $21.91 million, and ETH hit a 24-hour high of $2,452.57. The crypto’s Futures Open Interest also jumped 9% to $11.5 billion.
The rise in ETH’s price comes as the overall market recovers, driven by the recent US Fed rate cut of 50 basis points, which boosted investor confidence and financial market rallies.
Recent Ethereum price analysis suggests that the Q3 dip could attract traders, potentially pushing ETH to $5,000. Despite the speculations from Ether’s movements, the positive market outlook remains strong due to favorable macroeconomic factors and trends.
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