Ethereum co-founder Vitalik Buterin recently disclosed the rationale behind his current ETH sell-off, addressing mounting concerns within the community. Reports indicated that Buterin sold $190 ETH for $441,971 in USDC stablecoins. Vitalik.eth, linked to Buterin, has been continuously offloading Ether, causing worry about the ongoing liquidations. This address has received 3,800 Ether valued at $10 million from Buterin, with 950 Ethereum (equivalent to $2.28 million) sold at an average price of $2,396. The Ethereum Foundation is also involved in selling its ETH holdings. On the on-chain side, vitalik.eth has transferred USDC obtained from Ether sales to the Aave platform, with Buterin moving 2,851 ETH (worth $6.73 million) to Aave. Additionally, ETH sales by the Metalpha group have triggered concerns about a potential drop in Ethereum’s price below $2,000. In response to inquiries about his ETH sales, Buterin explained that a recent sale was due to an automatic cowswap twap order set up previously. Buterin also announced plans to only mention Layer 2 (L2) solutions that have reached “stage 1” or higher in development from 2025, emphasizing the need for security measures. He highlighted the progress of Zero-Knowledge (ZK) rollup teams working towards achieving Stage 1 by the end of the year. Buterin underscored the importance of maintaining security and governance measures, expressing confidence in the transition from multisig governance to cryptographic trust. His commitment to mentioning only stage 1+ L2s in public platforms starting next year was met with seriousness, emphasizing the significance of project progression in his mentions.
