Wait, Vitalik Buterin is selling again?
In a crypto market that has already plummeted roughly 35% over the past month, watching the Ethereum co-founder offload millions of dollars in ETH is exactly the kind of move that makes jittery traders sweat.
According to on-chain data, Buterin has been routinely swapping thousands of ETH for stablecoins via the decentralized exchange CoW Swap, continuing a persistent trend of sales over the last month.
The high-profile liquidations have prompted concerns among traders that the price of the world's second-largest cryptocurrency could fall below the $1,500 level if the selling pressure persists.
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A strategy of "mild austerity"
Blockchain sleuth Lookonchain recently tracked Buterin withdrawing 3,500 Ether from the lending protocol Aave.
Over the course of the weekend, he sold 1,869 ETH, worth $3.67 million. Looking at a slightly wider timeframe, wallets labeled as belonging to Buterin by on-chain analytics firm Arkham Intelligence show swaps over several days totaling more than 3,100 ETH, or greater than $6.1 million.
These recent moves are part of a broader wave of transactions. Since early February, blockchain tracking data shows Buterin has sold roughly 8,800 ETH, worth about $16 million at prevailing prices. Earlier in the month, he liquidated nearly 3,000 ETH, valued at about $6.6 million, over just a few days.
The ongoing sales follow a January 30 announcement outlining his financial strategy. Buterin previously noted he would withdraw and liquidate a total of 16,384 ether to finance ecosystem development, open-source software, and other key initiatives while the Ethereum Foundation enters a "mild austerity" phase.
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Market jitters
The broader crypto market is currently mired in a risk-off environment, weighed down by negative headlines, bridge security incidents, and reports of sizable ETH sales.
Ethereum has faced sustained selling pressure, dropping approximately 35.09% over the last 30 days. Data from CoinMarketCap shows the asset tumbled from around $2,950 to near $1,970.
This downturn outpaces the broader cryptocurrency market capitalization, which dropped about 24.52%, and the altcoin market cap, which fell roughly 22.48% over the same period.
Buterin's recent weekend sales coincided with immediate market dips. Ether’s price declined nearly 3% over a 48-hour window, hitting a 20-day low of $1,844 at one point early Monday.
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During this period, Ethereum fell from $1,988 to $1,875, representing a decline of approximately 5.7%. ETH has been trapped in a macro downtrend since hitting a high of over $4,900 in August of last year.
History suggests the market's hyper-focus on Buterin's wallets is not without reason. During a previous sale of 6,958 ETH—worth about $14.78 million at the time—Ether dropped 22.7%, plunging from $2,360 to $1,825.
However, while Buterin is trimming his holdings, the supply is not sitting idle. The offloaded ETH is being gobbled up by major players.
Related: JPMorgan unsure of Ethereum's growth despite latest upgrade
A drop in a $17 billion ocean?
Despite the market anxiety, Buterin's sales may be a mere drop in the ocean. Ethereum’s combined spot and derivatives trading volumes frequently reach tens of billions of dollars per day, clocking about $17 billion in a recent 24-hour snapshot.
By comparison, Buterin’s roughly $16 million in sales this month represents approximately 0.1% of a typical day’s trading volume.
Furthermore, Buterin remains one of Ethereum’s largest individual holders.
According to Arkham Intelligence, his on-chain holdings currently sit at around 224,104 ETH. Depending on current trading fluctuations—such as a recent price of approximately $1,950—that stash is valued at roughly $439 million.
Still, the co-founder's dominance over the ETH's total supply has declined substantially over the last decade.
Related: Ethereum scientist warns 20% chance quantum computers could break crypto
This story was originally published by TheStreet on Feb 24, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
