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ETH co-founder Vitalik Buterin: No sell-off, just donations

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Vitalik Buterin, the Ethereum co-founder, clapped back at critics Saturday, clarifying whether he sold any of the ETH he had acquired since 2018.

“All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity,” Buterin said in an Aug. 31 post on X.com.

Buterin cited biomedical research and development as an example. See below.

Buterin addresses accusations

Buterin recently transferred 800 ETH (approximately $2.01 million) to a multisig wallet, which subsequently swapped 190 ETH for 477,000 USD Coin, a stablecoin pegged to the U.S. dollar.

The activity piqued the interest of those in the crypto community; some assumed Buterin was dumping his ETH.

This was the second major transfer from Buterin’s wallet in August. 3000 ETH, worth $8.04 million at the time, were moved just weeks before on Aug. 9 to the same multisig wallet.

Buterin clarified that none of his ETH has been sold for personal profit. Also, when ETH from his wallet appears on exchanges, it’s not him selling but the recipients of his donations, he adds.

“If you see an article saying ‘Vitalik sends XXX ETH to [exchange],’ it’s not actually me selling, it’s almost always me donating to some charity or nonprofit or other project, and the recipient selling because, well, they have to cover expenses,” he said.

Buterin breakdown

Buterin holds roughly 90% of his net worth in ETH, underscoring his commitment to the digital asset as a store of value.

Buterin’s claims about supporting “various projects” aren’t unfounded. Crypto.news reported that the 30-year-old entrepreneur donated 199 ETH (roughly $517,000) to ethOS, a mobile operating system based on the Ethereum blockchain.

Buterin has offloaded over 85,000 ($209 million) from his wallets in the past three years, according to Lookonchain data.

One observer is disputing the figure. See below.

Buterin also donated 200 ETH to Effective Altruism Funds, an animal welfare initiative, on Aug. 15.

In 2021, he donated over 50 trillion SHIB tokens, worth over $1 billion at the time, toward the India Covid Relief Fund established by Polygon co-founder Sandeep Nailwal. 





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Altcoins

Risk-To-Reward on Ethereum Looking ‘Too Good To Pass Up’ According to Crypto Analyst – Here’s Why

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A popular on-chain strategist says Ethereum (ETH) is showing a great risk-reward ratio setup.

Analyst Ali Martinez tells his 76,900 followers on the social media platform X that ETH appears to be forming a bullish ascending channel on the weekly timeframe.

“The risk-to-reward ratio on Ethereum is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000.”

Image
Source: Ali Martinez/X

Looking at his chart, the analyst suggests ETH is holding the bottom trend line of the ascending channel as support and could soon re-test the upper bound at around $6,100.

However, fellow crypto trader Benjamin Cowen tells his 819,000 YouTube subscribers that based on a historic pattern of Ethereum bottoming out during the fourth quarter, he’s anticipating ETH drops to its logarithmic trendline, potentially as low as $1,000.

“When I look at the cycle, I see ETH at $2,400 and I just think that there is a really high probability that within a couple of months, probably in less than two months, we will look back at this and see that Ethereum finally went home and it took until Q4 of 2024 to do so…

In 2016, you can see that Ethereum finally entered the lower logarithmic correction trendline in basically early to mid-November. In 2019, it entered it in August but then it got back above it and then didn’t really durably stay in it until almost late September and October.”

ETH is trading for $2,409 at time of writing, down 2.1% in the last 24 hours.

Next up, the analyst says that Dogecoin (DOGE) is signaling a bullish reversal on the TD Sequential indicator, which traders use to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

“The TD Sequential indicator has flashed a buy signal on the Dogecoin four-hour chart! If DOGE holds above the $0.141 support, we could see a rebound to $0.162.”

Image
Source: Ali Martinez/X

He also suggests that if DOGE flips the $0.169 level into support, the next resistance level would be in sight.

“If Dogecoin DOGE breaks above the $0.169 resistance, we could see a 27% rally up to $0.209!”

Image
Source: Ali Martinez/X

DOGE is trading for $0.162 at time of writing, up 7.4% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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ETH

Is Ethereum Price a VC Pump and Dump?

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Ethereum (ETH) price has experienced a period of consolidation after recent gains, with a decline pushing it below the $2,550 support level. While ETH faces resistance of nearly $2,500, it holds the potential for recovery if it clears this key barrier.  Analysts suggest possible volatility ahead, with forecasts hinting at potential pump-and-dump dynamics driven by venture capital influences.

Analyst Suggests Ethereum Price a VC Pump and Dump

Crypto analyst tweeted a controversial perspective on Ethereum’s long-term trajectory, raising questions within the cryptocurrency community. The tweet posits that Ethereum’s significant growth might be attributed to a venture capital (VC) pump-and-dump scheme, sparking debate about the network’s stability and future.

The analyst highlighted a possible downward trend. Ethereum’s price movement appears to follow a channel, indicating consistent support and resistance. However, a sharp drop in the projection suggests potential risks.

Is Ethereum Price a VC Pump and Dump?Is Ethereum Price a VC Pump and Dump?
Source- X

Crypto Expert Warns of Ethereum’s Instability

The crypto expert issued a cautionary note regarding Ethereum’s current market position. Beamish expressed concern over Ethereum’s chart patterns, suggesting potential instability. With market factors like the upcoming election adding unpredictability, he noted Ethereum appears “teetering on the edge,” raising questions about its immediate trajectory.

Analysis points to a volatile period for the top coin as it hovers near critical support levels. He highlighted Ethereum’s delicate positioning, which could influence traders weighing whether to hold or exit their positions. In his words, Ethereum is at a crossroads, posing a dilemma: “do I jump? Do I jump?”

Will ETH Price Rebound To $3000 In November?

At the time of writing, the Latest ETH price is hovering at $2,469, with a slight surge over the past 24-hours. Ethereum is positioning itself near crucial resistance levels, with the potential for a significant price movement. A clear push above the $2,550 resistance could drive ETH toward $2,600, while an upward breakout past $2,800 might further fuel gains. If successful, this momentum could lead Ethereum closer to the $3,000 resistance mark, appealing to bullish investors eyeing a rally.

However, if the Ethereum price prediction fails to surpass the $2,500 resistance, it risks a downturn. Initial support sits around $2,450, with more substantial support at $2,400. A decisive break below $2,400 could heighten selling pressure, potentially pulling the price to $2,350 as traders look to these levels for a bounce or further decline.

Is Ethereum Price a VC Pump and Dump?Is Ethereum Price a VC Pump and Dump?
Ethereum Price Chart: TradingView

Approximately 76.09% of Ethereum addresses are “In the Money,” covering a value range of up to $2,406.82. On the other hand, 20.91% are “Out of the Money,” indicating potential losses for holders who bought above $2,499.15. Only 3% of addresses remain “At the Money,” meaning they break even at current prices.

Is Ethereum Price a VC Pump and Dump?Is Ethereum Price a VC Pump and Dump?
Source: IntoTheBlock

Ethereum’s near-term direction remains uncertain, with resistance levels, VC speculation, and market conditions shaping the price outlook for this leading cryptocurrency.

Frequently Asked Questions (FAQs)

A VC pump-and-dump scheme implies that venture capitalists may artificially inflate Ethereum’s price and then sell, causing potential price drops.

Ethereum could rebound if it clears the $2,500 resistance, which could pave the way for gains towards $2,600 and potentially $3,000.

The upcoming election could introduce additional market unpredictability, impacting investor sentiment and Ethereum’s price movement.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Alex Kruger

Economist Alex Krüger Unveils Election Prediction for Bitcoin, Says BTC Could ‘Shoot Straight Up’ – Here’s Why

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Economist Alex Krüger is revealing his scenarios for Bitcoin (BTC) during election night in the US, saying that a fast move could be coming for crypto markets.

The trader tells his 185,000 followers on the social media platform X that in the event of a Trump victory on election night, Bitcoin could “shoot straight up” immediately after.

If Kamala Harris comes out on top, Krüger says that Bitcoin will likely correct, but only temporarily before a move upward.

“Simple elections framework for Bitcoin

Trump win: BTC $90,000 by year-end, probability 55%.

Harris win: BTC $65,000 by year-end, probability 45%.

Weighted average: $79,000.

Expect the move to be fast if Trump wins. Markets rarely wait for laggards on binary events not largely front-run… 

Trump win: shoot straight up.

Harris win: down then up.

Timing matters greatly if running leverage or going in big.”

The economist says that in the event of a Trump victory, his main play for the night will be to go long on Solana (SOL), Ethereum’s (ETH) biggest rival.

“This is how I’m thinking about the market. A large number of people disagree. That’s why we have a market. I’m going into election night very long spot, with no leverage, mostly allocated to Bitcoin (and Nvidia). My main election night play if Trump wins will be long SOL.”

At time of writing, SOL is trading at $165.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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