Blockchain metrics indicate that an Ethereum-linked address tied to co-founder Vitalik Buterin transferred 400 ETH to Coinbase on September 24. Spotonchain’s data shows that over a ten-day stretch, Buterin’s address funneled a cumulative 2,421 ETH to mainstream exchanges.

Address Associated With Buterin Transfers More Than 2,400 Ether to Cex Platforms

Real-time blockchain tracker Spotonchain.ai disclosed on Sunday that Vitalik Buterin dispatched 399.9 ether to Coinbase. Initially, Buterin executed a preliminary 0.1 ETH test transaction to the address, followed by the main transfer of 399.9 ETH. As of now, Buterin’s digital wallet, labeled “0x1Db3,” possesses 1,773.44 ether, valued at roughly $2.77 million. Including other crypto assets, the wallet’s total valuation stands at approximately $2.96 million.

In just ten days, Spotonchain reports that Buterin relayed a staggering 2,421 ETH, equivalent to $3.79 million, to centralized exchange (cex) platforms. Notably, a chunk of these funds found their way to Kraken, though Buterin also channeled ether to Bitstamp and Paxos. Interestingly, these sizable transfers often began with an initial 0.1 ether test transaction.

Historical data from Arkham Intelligence reveals that since 2016, Buterin has engaged with multiple exchanges, including Kraken, Bittrex, Yunbi, Coinbase, Poloniex, and FTX US. Kraken, in particular, has been his predominant choice, witnessing deposits exceeding $12.3 million since 2016, with a comparatively minor $69,820 being withdrawn.

Much like dormant bitcoin transactions or moves by prominent crypto magnates, the crypto community can merely conjecture about Buterin’s rationale for channeling these tokens to cex platforms. Spotonchain marks the average price of the 2,421 ether at a steady $1,628 per ETH. The sum Buterin transmitted to Coinbase this Sunday translates to $626,384 in USD value.

What do you think when crypto magnates like Buterin move large sums of crypto? Share your thoughts and opinions about this subject in the comments section below.