Ethereum co-founder Vitalik Buterin has sold more than $38 million worth of ETH, exceeding his previously disclosed target. According to on-chain data, sales accelerated over 24 hours, routing over 18,000 ETH through the CoW Protocol to limit market impact. Despite the disposals, data indicates Buterin still controls over 240,000 ETH in traceable wallets as the asset’s price shows recent volatility.
Ethereum co-founder Vitalik Buterin has sold more than 18,000 ETH, surpassing his initial goal of 16,384 ETH for a total exceeding $38 million. The sales accelerated over the last 24 hours according to data from Lookonchain.
Buterin had announced the plan in late January, describing it as “a period of mild austerity for the Ethereum Foundation.” He stated the funds were for open-source software development, hardware, privacy, and security projects.
Many of the swaps were executed through the CoW Protocol, a decentralized exchange aggregator. This method breaks large orders into smaller batches to reduce their market impact.
Despite these significant sales, data from Arkham Intelligence shows Buterin remains a major individual holder. He controls over 240,000 ETH in traceable wallets.
Ethereum’s price is currently trading near $2,065 after recent fluctuations. The asset has gained nearly 5% in the last day but remains down 29% over the past month.
Analyst Ali Martinez observed that the recent price decline coincided with large institutional ETF outflows. Approximately $1.13 billion worth of ETH has been sold through these products in the last five weeks.
Martinez highlighted key support levels to watch if selling pressure continues. These levels are $1,800, $1,584, $1,238, and a deeper support at $1,089.
