Ethereum co-founder Vitalik Buterin moved 705 ETH, worth approximately $1.6 million, over 24 hours, according to data from Lookonchain. Social media speculation initially sparked sell-off fears, but the transactions align with his established pattern of converting ETH to fund biotech charity Kanro. Despite recent price weakness, large institutions like BitMine Immersion Technologies are reportedly increasing their ETH holdings.
According to data from Lookonchain, Vitalik Buterin transferred a total of 705 ETH in the last day. This included a 493 ETH transfer valued at about $1.16 million, following an earlier swap of 211.84 ETH.
The activity initially caused market anxiety, but it reflects a recurring philanthropic strategy. Buterin regularly converts ETH into stablecoins like USDC to direct funds to Kanro, a biotech charity focused on pandemic preparedness.
This approach fits his stated goal of personally funding high-impact projects instead of relying solely on the Ethereum Foundation. Earlier this year, he allocated 16,384 ETH, roughly $45 million, to support open-source security and privacy initiatives.
While social media monitors his wallet, institutional players are accumulating. A key example is Tom Lee’s BitMine Immersion Technologies, which recently added 41,788 ETH to its treasury.
Ethereum was trading near $2,274 at the time, per CoinMarketCap. Technical indicators showed a confirmed bearish trend alongside an oversold RSI, which can suggest waning selling pressure.
Buterin has recently spoken more openly about what he calls the “creator crisis.” His actions consistently steer away from short-term trading noise toward using capital for real-world problem-solving.
