Ethereum’s Vitalik Buterin has ignited several speculations across the broader crypto market today, moving over half a million worth of ETH. On-chain data hovering over the horizon indicates 200 ETH, worth $535K, moved from a Buterin-linked address to an unknown wallet. This transaction has caused a bustle among global market participants, whereas other massive transactions by industry entities followed. So, let’s take a closer look at the latest on-chain developments surrounding Ethereum, the second-largest crypto by market cap.
Vitalik Buterin Moves 200 ETH
According to the insights offered by PeckShieldALert on X today, August 9, the Vitalik Buterin linked address 0xd8… moved 200 ETH, worth $535,930.65, to the unknown address 0xebb. The motive of the transaction remains unclear at the moment.
Meanwhile, a couple of other entities, such as Genesis and the Rain exchange hacker, moved massive amounts of the crypto today. The Rain crypto exchange exploiter moved 721 ETH, worth $1.7 million, to the Tornado Cash coin mixer. Simultaneously, data revealed that Genesis bankruptcy distributions-related address transferred a whopping 10.7K ETH, worth $28 million, to 2 new addresses.
Along with Vitalik Buterin’s transfer, these transactions have garnered additional attention, primarily due to the ETH price gaining unprecedentedly. With only $2.9 million in outflows recorded in the ETH ETFs as of August 8, the price upswing has sparked significant market optimism for the asset.
Also Read: Crypto Prices Today August 9: BTC Tops $61K, SUI Soars 30% Amid Market Uptrend
Ethereum’s Market Performance
In the interim, the ETH price chart showcased gains worth 8.85% over the past day to trade at $2,657.16. Its 24-hour bottoms and peaks were recorded as $2,414.25 and $2,721.95, respectively.
Coinglass data revealed a significant 15.05% surge in the coin’s OI to 10.56 billion. Further, the derivatives volume followed by soaring 4.76% to $38.66 billion, flagging a market uptrend for Ethereum.
Besides, it’s worth noting that 206,000 ETH options are set to expire today with a put-call ratio of 0.96. This is equivalent to a notional value of a whopping $560 million.
Also, the coin’s devs recently held a meeting to confirm the functionality of the Pectra Devnet 2 upgrade, sparking discussions surrounding the asset’s ecosystem. The Pectra Devnet 2 has achieved 85% network participation, although bugs in execution layer (EL) clients persist, presenting complexities to the upgrade.
Also Read: Solana Silently Patched A Critical Security Vulnerability
The post Vitalik Buterin Sparks Speculation With Major ETH Transfer, What’s Happening? appeared first on CoinGape.
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Vitalik’s ETH transfer has sparked a lot of market speculation. It’s interesting to see how this move could influence the broader crypto market sentiment.”
“The timing of Vitalik Buterin’s 200 ETH transfer and the massive ETH transactions by other entities is intriguing, especially as ETH’s price surges. Could there be something bigger brewing?”
“With Ethereum gaining over 8% in the past 24 hours, Vitalik’s transfer has come at a critical moment. It’ll be fascinating to see how this impacts the upcoming ETH options expiry.”
“The rise in Ethereum’s OI and derivatives volume signals a bullish trend, and Vitalik’s transfer adds even more momentum. Definitely worth keeping an eye on ETH in the coming days.”
“The Pectra Devnet 2 upgrade seems to be progressing well, but Vitalik’s transaction has shifted a lot of attention to market movements. Could this be connected to Ethereum’s ongoing upgrades?