Within the early morning of Aug. 21, Ethereum (ETH) co-founder Vitalik Buterin sent 600 ETH, equal to over $1 million, to a Coinbase deposit tackle.
Whereas some could ask themselves if this means Buterin leaping ship, a deeper look into his wallets reveals this isn’t true.
This switch in direction of Coinbase follows a transaction processed two days earlier that elevated his ETH steadiness by 1,000 ETH. It implies that regardless of his switch to Coinbase, his Ethereum holdings nonetheless elevated in contrast to simply a few days earlier.
The selection of alternate is unsurprising, on condition that knowledge clearly reveals he prefers Coinbase over different exchanges.
Furthermore, Buterin’s publicly-known wallets at present hold a complete of over 248,000 ETH — a quantity that elevated by almost 713 ETH in contrast to the start of August regardless of the worth of these holdings falling.
His Ethereum holdings are additionally value almost $415 million, whereas the second most useful asset on these wallets is Maker (MKR), value solely $544,000 or about $0.131 of his ETH holdings.
In conclusion, whereas Buterin has moved a big quantity of ETH to Coinbase with the probably intention to promote it for fiat, this quantity pales in contrast to his whole Ethereum publicity.