Crypto.news - In the early morning of Aug. 21, Ethereum (ETH) co-founder Vitalik Buterin sent 600 ETH, equivalent to over $1 million, to a Coinbase (NASDAQ:COIN) deposit address.
While some may ask themselves if this indicates Buterin jumping ship, a deeper look into his wallets shows this is not true.
This transfer towards Coinbase follows a transaction processed two days earlier that increased his ETH balance by 1,000 ETH. It means that despite his transfer to Coinbase, his Ethereum holdings still increased compared to just a couple of days earlier.
The choice of exchange is unsurprising, given that data clearly shows he prefers Coinbase over other exchanges.
Moreover, Buterin’s publicly-known wallets currently hold a total of over 248,000 ETH — a number that increased by nearly 713 ETH compared to the beginning of August despite the value of those holdings falling.
His Ethereum holdings are also worth nearly $415 million, while the second most valuable asset on those wallets is Maker (MKR), worth only $544,000 or about $0.131 of his ETH holdings.
In conclusion, while Buterin has moved a significant amount of ETH to Coinbase with the likely intention to sell it for fiat, this amount pales compared to his total Ethereum exposure.
This article was originally published on Crypto.news
