Vitalik Buterin sells over 10,000 ETH in three weeks after pledging funding for open-source projects: onchain analysts

Vitalik Buterin has swapped a total of 10,723 ETH for stablecoins since the start of February, according to onchain data, following a previously announced plan to fund a range of open-source technology initiatives.

Blockchain analytics platforms Onchain Lens and Lookonchain flagged the transactions this week, with the latter citing data tracked by Arkham.

According to the data, Buterin sold 3,765 ETH for $7.08 million in the three days leading up to Feb. 24, adding to a series of sales earlier in the month. In total, the Ethereum co-founder has sold 10,723 ETH since Feb. 2 for approximately $21.7 million, with the transactions executed at an average price of $2,027, per Onchain Lens data. 

The recent activity follows an announcement Buterin made on Jan. 30. In a post on X, he said he had withdrawn 16,384 ETH, worth roughly $45 million at the time, to personally finance what he termed an “open-source, secure and verifiable full stack” of software and hardware. 

Buterin said the funds would be deployed over the next few years across sectors, including finance, communication, governance, operating systems, secure hardware, and biotech applications. He described the capital allocation as his “own share of the austerity” during a period in which the Ethereum Foundation has prioritized long-term sustainability and core protocol development.

Selling amid a market downturn 

The sales come during a broader downturn for digital assets. Ether has lost 38% of its value over the last 30 days, according to The Block’s ETH price page, currently trading at around $1,825. The cryptocurrency is down 3.5% in the last 24 hours and remains 63% below its all-time high of nearly $5,000 reached in August last year.

Market participants on X offered mixed reactions to the continued selling. Some criticized the timing. “Vitalik continues to turbo dump his project,” wrote one user. Another posted, “Vitalik stop selling,” while a third commentator said, “This is just embarrassing.”

Others defended the move, noting that Buterin had publicly outlined funding plans in late January and arguing that framing the activity as discretionary selling overlooked its stated purpose.

Meanwhile, previous large transfers from Buterin’s wallet have coincided with price declines. According to Lookonchain, during a prior sale of 6,958 ETH for $14.78 million, Ether’s price dropped from $2,360 to $1,825, a 22.7% fall. In the two days leading up to Feb. 23, when Buterin sold 1,869 ETH for $3.67 million, Ether fell from $1,988 to $1,875, a 5.7% decline.

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