Vitalik Buterin sets record straight on ETH sales

Here's what really happened

Author

Daniel Akpobare
September 02, 2024

GM Explorer,

Uncover the latest controversy in the crypto world as accusations swirl around Vitalik Buterin, co-founder of Ethereum, for his ETH transactions.

Here’s what we got for you today:

  • 🗣️ Vitalik Buterin sets record straight on ETH sales!

  • 📉 BlackRock Bitcoin ETF sees significant losses!

  • 🧱 Around The Block: 5 bearish and 4 bullish factors for Bitcoin (BTC) in September.

🗣️ Vitalik Buterin Sets Record Straight on ETH Sales!

Vitalik Buterin recently found himself in the spotlight after being accused of selling millions of dollars in Ether (ETH) for personal gain.

The buzz began on August 30, when an X user claimed Buterin had dumped $2 million in ETH after a bullish tweet.

Another revelation by Onchain analytics firm Lookonchain added fuel to the fire.

They disclosed that Buterin moved 800 ETH, worth $2.01 million, to a multi-signature wallet that same day.

And then, the recipient address later swapped 190 ETH for 477,000 USDC.

As if that wasn't enough, it was also revealed that Buterin had moved 3,000 ETH, worth $8.04 million, to the same multi-signature address on August 9.

But Buterin insists that he has not sold any ETH for personal profits since 2018!

He clarified that all sales have been to support multiple projects that he considers valuable, either within the “Ethereum ecosystem or broader charity.”

And you know what?

The crypto community rallied behind Buterin, with many supporting his right to sell ETH. One X user even said, “Don’t even defend it; you deserve the yacht, too.”

This story has captivated the crypto world - read the full scoop here!

📉 BlackRock Bitcoin ETF Sees Significant Losses!

If you're invested in Bitcoin or have been eyeing those new ETFs, you might want to take a seat for this one.

BlackRock, the world's largest asset manager, just saw its spot Bitcoin ETF experience its first significant losses in four months.

We’re talking a whopping $13.5 million in net outflows on August 29 alone!

That's a big deal, especially since this fund has been a fan favorite among retail traders looking for exposure to Bitcoin.

Oh, and in case you didn’t know, this isn’t the first time they’ve taken a hit. However, it’s the biggest loss since May, and it's got everyone wondering what's going on.

But here's the thing: BlackRock's not alone.

Rival funds from Fidelity, Bitwise, Grayscale, and others also saw outflows on the same day, totaling a collective $71.8 million in losses. Yikes!

And you know what? All this happened just days after Bitcoin’s price itself plummeted!

Before you start panicking, you should know that market analysts aren't too worried yet.

They see this as a minor blip on the radar and believe the funds will bounce back eventually. After all, these ETFs have only been trading since January, so it's still early days.

However, it's still something to keep an eye on, especially since funds like Fidelity and Grayscale saw even bigger losses than BlackRock—about $53 million, to be exact!

On the bright side, not all funds were in the red.

The ARK 21Shares Bitcoin ETF saw some positive action, with inflows of $5.3 million on that same day (August 29). So, yeah, there's still some optimism out there.

And hey, if you're invested in Ether, you might also want to monitor those ETFs. They’ve only been trading since July and have already racked up about $1.7 million in losses.

So, what's next? Will the funds bounce back, or is this the start of a bigger trend? 🤷‍♀️

Well, only time will tell, but for now, it's definitely worth keeping an eye on the crypto market.

Want to know more? Click here!

🧱 Around The Block

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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