Crypto Market Weakens, Vitalik Buterin Even Deposits 400 ETH To Coinbase

Vitalik Buterin, founder of Ethereum. (Photo; Doc. Forknews)

JAKARTA - Vitalik Buterin, founder of Ethereum (ETH) and an important figure in the crypto world, has taken actions that have attracted public attention amid uncertainty that has hit the crypto market.

Buterin reportedly deposited ETH worth around $0.63 million (Rp9.7 billion) into the Coinbase crypto trading platform. This action sparked questions from the public regarding the intent and strategy behind Buterin's ETH deposit in the middle of the bearish market. On the other hand, Ethereum transactions carried out by Vitalik Buterin further add to the complexity of crypto market movement.

According to data from Etherscan, Ethereum's blockchain monitoring platform, Buterin made 400 ETH deposits to Coinbase on Monday. The value of the deposit reached around Rp9.7 billion, a number that the crypto community couldn't just ignore.

This deposit is part of a recent series of transactions involving Buterin's Ethereum, which has sparked speculation and questions in the crypto community. Over the past week, Buterin's crypto wallet address (address wallet) has made a number of significant transactions, prompting questions about whether certain strategies have been implemented or whether this is just part of portfolio management.

In addition to deposits in Coinbase, his wallet address also sent 300 ETHs to Kraken, one of the leading cryptocurrency exchanges. Furthermore, about 200 ETHs from his wallet have been converted to USDC, stablecoins whose value is tied to US dollars.

Buterin's recent activities have attracted public attention, especially in the context of current market volatility. With his role as co-founder of Ethereum, Buterin's actions have the potential to affect market sentiment and investor confidence.

At the same time, the crypto market has experienced significant volatility recently, with Ethereum, as the second largest cryptocurrency by market cap, down about 3.5% over the past week. At the time of writing, ETH was trading at the level of IDR 24.2 million per coin. In terms of price movement performance, ETH slumped 3.7% in the past week according to a Coinecko data report.