Vitalik Buterin deposits $1 million worth of Ethereum to Coinbase

Co-founder of Ethereum Vitalik Buterin deposited 600 ETH worth about $1 million on the cryptocurrency exchange Coinbase. In his wallet, 3,933.79 ETH remained, according to Etherscan.

The transaction followed the market crash at the end of last week and drew the attention of industry participants.

Some commentators suggested that the transfer was linked to plans to sell assets and a further dump.

Over the past seven days, Ethereum fell by 9.3% in price — the smallest decline among the largest cryptocurrencies by market capitalisation.

The token is trading around $1,670. A trader using the alias Ali suggested that a break below the $1,600–$1,550 range could trigger a deeper Ethereum correction of 37%–45%, with a drop to $1,000.

A day before the Coinbase transaction, Buterin closed a position of 251,000 RAI on the MakerDAO platform and withdrew 1,000 ETH (about $1.67 million at the time).

Not for the first time has the Ethereum co-founder sent assets to a centralized exchange. In March he deposited 200 ETH on Kraken. In the following 30 days the price of the cryptocurrency rose from $1,588 to $1,920.

In the same month, Buterin exchanged for ETH tokens received via airdrops worth about $700,000, driving down the price of some of them.

Earlier, he urged self-custody of cryptocurrencies and wrote a post about choosing a multisig-wallet.