The cryptocurrency market fell this week after Bitcoin dropped toward $70,000, prompting profit-taking by large holders. According to Lookonchain and a blockchain transaction record, Vitalik Buterin sold 2,961.5 ETH, about $6.6 million, at an average price near $2,228 this week.
Lookonchain wrote “Vitalik.eth (VitalikButerin) is dumping ETH fast!” and added “Selling is still going on.” (Ed. note: Selling reportedly continued after these transfers.)
Ethereum has fallen roughly 34% over the past month, leaving little room for upside and adding selling pressure. Some commentators warned that ETH could slide toward $1,800 as technical support weakens.
At the same time, Vitalik Buterin questioned the role of layer-2 networks, saying layer-1 chains are scaling faster while many L2 solutions lag. He also emphasized decentralization concerns in L2 designs, remarks that have unsettled parts of the crypto community.
