Vitalik Buterin Transfers $15M USDC to Gemini Exchange; Why?

  • Vitalik Buterin transferred $14.93 million in USDC to Gemini on October 16, 2023.

  • This is the latest in a series of transactions in which Buterin has deposited ETH into centralized exchanges over the past few weeks.

  • The reason for these transactions is unknown, but some speculate that they may be related to an impending sell-off or repurchase of Ethereum.

Vitalik Buterin, one of Ethereum’s co-founders, has sent over $15 million in USDC to the cryptocurrency exchange, Gemini. The reason behind this action remains a mystery, as the transaction was not publicly disclosed but rather unearthed by the blockchain analysis firm, PeckShield.

Could this be a sign of an impending sell-off or repurchase of Ethereum? Let’s find out, folks!

Tracing the Transactions

On October 17, the esteemed blockchain security and analysis firm, PeckShield, unveiled their findings. With a convincing screenshot as evidence, PeckShield identified the blockchain ID belonging to Vitalik Buterin.

On October 16, he transferred $14.93 million to Gemini. On October 16, he transferred $14.93 million to Gemini. On October 14, Buterin received this sum of 14.93 million USDC from Kanro, a foundation connected to Buterin.

On October 16, Buterin transferred a significant sum of $14.93 million to Gemini. Surprisingly, he made an identical transfer earlier that day. On October 14, Buterin received $14.93 million in USDC from Kanro, an organization associated with him.

Also Read: Vitalik Buterin’s Ethereum Transfers Hint at Potential Short Squeeze: Should You Sell Your ETH?

A Look at Recent Activity

This latest transaction follows a pattern that began only three weeks ago when 400 ETH, worth around $600,000, was sent to Coinbase. Notably, this transaction used a different wallet linked to Ethereum’s co-founder, Vitalik Buterin.

Over the past weeks, Buterin has been actively depositing ETH into centralized exchanges. Between September 15 and September 19, he deposited 321 ETH into Kraken. Additionally, from September 17 to September 20, he engaged in a series of transactions, moving 1,700 ETH to Bitstamp. On September 19, he added 500 ETH to Paxos. Most of these transactions were conducted through various wallets tied to Vitalik.

Read More: Top Reasons Why Ethereum (ETH) Price Could Hit $50k by 2030

Speculation Runs Wild

In the crypto world, moving significant amounts to centralized exchanges often suggests an impending sell-off. Many enthusiasts believe that these massive transactions by Vitalik Buterin might indicate his intention to repurchase Ethereum.

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