"Even Vitalik Sold"…$6.6 Million in Ethereum Dumped Over Three Days

Vitalik Buterin, co-founder of Ethereum (ETH), has sold off nearly $7 million worth of Ethereum over the past three days.

According to Lookonchain on the 5th (local time), Buterin sold 2,961.5 ETH over the last three days. The average selling price was $2,228 per ETH, bringing the total sale to about $6.6 million. Lookonchain said, "(Vitalik's) selling appears to still be ongoing."

Buterin’s move to sell Ethereum appears to come amid the recent downturn in the crypto market. According to CoinMarketCap, Ethereum’s price has plunged more than 35% over the past month. On the day, it fell more than 8.5% in a single session, sliding to the $2,000 level.

Institutional money is also flowing out. According to SosoValue, U.S. spot Ethereum exchange-traded funds (ETFs) saw $79.5 million in outflows on the day, flipping to net outflows in just one day. Spot Ethereum ETFs recorded net outflows for three consecutive months on a monthly basis from November last year through last month.