Ethereum Co-founder Vitalik Buterin’s ENS Domain “vitalik.eth” Transacts $100,000 Worth of Ether into Stablecoins
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The Ethereum Name Service (ENS) domain “vitalik.eth” recently exchanged $100,000 worth of ether for an equal value of stablecoins on the Base blockchain. This suggests that someone associated with Ethereum co-founder Vitalik Buterin conducted this transaction. As a result, Buterin’s address now holds 955.58 ether, worth approximately $3.64 million.
Essentially, this transaction indicates a conversion of volatile ether into stablecoins, possibly for risk management or liquidity purposes. It’s a common practice in the cryptocurrency world to convert assets into stablecoins to mitigate the risks associated with price fluctuations, ensuring a more stable value for holdings.
Therefore, this transaction highlights the use of stablecoins for risk management, potentially influencing market stability and providing insights into Vitalik Buterin’s investment strategies, which could impact investor sentiment.
Significant Transactions by ‘vitalik.eth’ Ethereum Account
On March 4, 2024, Peckshield, a reputable blockchain research firm, reported that the “vitalik.eth” Ethereum account converted $100,000 worth of ether into USDC stablecoins. This account had previously sent $1 million of ether to Coinbase in August 2023, followed by another $1 million transaction in December 2023.
Peckshield revealed that the proceeds from these transactions were sent to Railgun for conversion into USDC, which was then transferred to the Base blockchain. According to Peckshield’s alert system, it detected the “vitalik.eth” address sending 30 ETH to Railgun. Subsequently, around 27.63 ETH were swapped for 100K USDC, effectively bridging them to the Base blockchain.
Vitalik Buterin’s Wealth and Cryptocurrency Holdings
The “vitalik.eth” Ethereum account contains 955.58 ETH, valued at $3.64 million, and several ERC20 tokens worth nearly $162,000. However, this amount is relatively small compared to Vitalik Buterin’s total assets. According to Arkham Intelligence, Buterin owns about 245,774 ETH, valued at roughly $934 million, along with 256.31 wrapped ether (WETH) worth almost $1 million.
Hence, this revelation about Vitalik Buterin’s assets, including ETH and ERC20 tokens, may influence investor confidence, potentially affecting market sentiment and perceptions of Ethereum’s stability and Buterin’s influence.
Vitalik Buterin’s Diversified Cryptocurrency Portfolio and Strategic Moves
In addition to his main assets, Vitalik Buterin also holds $698,520 worth of KNC coins and $167,350 worth of DINU tokens. He sometimes trades these less-known coins on platforms like Uniswap. The recent transfer of $100,000 in ETH to USDC on Base coincides with ETH’s increasing value. Currently, one ethereum (ETH) is trading at $3,850 per coin, which is a 4.8% rise in the last 24 hours. Over the past month, ETH has surged by over 67% compared to the U.S. dollar.
Buterin’s portfolio diversifies beyond just Ethereum, including other cryptocurrencies like KNC and DINU. The recent transfer of ETH to USDC aligns with ETH’s rising value, suggesting strategic moves in response to market trends.
