Vitalik Buterin denies selling ETH amid decline in holdings

Ethereum co-founder Vitalik Buterin has denied selling any of his Ethereum holdings despite a noticeable decline in his total ETH balance.

On August 31, Buterin addressed the claims via a post on X (formerly Twitter), stating, “I haven’t sold and kept the proceeds since 2018.”

Buterin’s statement aimed to refute widespread rumors suggesting he had recently sold a substantial amount of his ETH holdings.

He clarified that any ETH (CRYPTO:ETH) sales he conducted were meant to support "various projects that I think are valuable, either within the Ethereum ecosystem or broader charity."

This explanation offers insight into the reason behind the decline in his holdings, bringing some comfort to investors concerned about his commitment to the cryptocurrency.

Three years ago, Buterin revealed that he held 325,000 ETH, valued at $1.46 billion at that time; however, current data from Arkham Intelligence shows his holdings have reduced to $606.65 million worth of ETH.

The significant decrease in Buterin’s ETH balance appears aligned with his strategy of reinvesting in the Ethereum ecosystem and supporting broader charitable initiatives.

Recent reports from CoinGape Media noted that Buterin had transferred 800 tokens to a multisig wallet, a move consistent with his stated goals of supporting meaningful projects.

In addition to addressing his ETH holdings, Buterin also sparked discussions in the crypto community with another post on X, advocating for decentralised exchanges (DEXs) over centralised exchanges (CEXs).

He highlighted that “DEXes are actually more convenient” because they require no signup, no account creation, and no deposit/withdraw process, stating users can “just go to the page, click swap, and confirm in your wallet.”

Buterin’s comments have added fuel to the ongoing debate within the global crypto community regarding the advantages of decentralised financial platforms over their centralised counterparts.

His recent statements have reaffirmed his commitment to the Ethereum project and clarified his stance on ETH sales, promoting transparency and continued support for decentralised finance initiatives.

The Ethereum co-founder’s actions and remarks continue to influence sentiment within the cryptocurrency market, especially among ETH investors who closely monitor his moves.

At the time of reporting, Ethereum price was $2,521.01.