Vitalik Buterin's ENS Address Trades $100K Worth of ETH for Stablecoins Amid Market Uptick

‘Vitalik.eth’ Wallet Makes Strategic $100K Ether-Stablecoin Swap and Bridged to Base

On March 4, 2024, Peckshield, a leading onchain intelligence firm, reported that the “vitalik.eth” ETH account executed a trade, swapping $100,000 of ether for USDC. This is the same account that previously sent $1 million worth of ether to Coinbase on Aug. 21, 2023, followed by another $1 million transaction in Dec. 2023. According to Peckshield, the proceeds were transferred to Railgun for conversion into USDC, which was then moved to the Base blockchain.

“Peckshield Alert vitalik.eth – labeled address has transferred 30 ETH to Railgun and swapped ~27.63 ETH for 100K USDC, bridging them to Base,” the Peckshield alert system noted.

The “vitalik.eth” account maintains a balance of 955.58 ETH, valued at $3.64 million, and controls an assortment of ERC20 tokens worth just under $162,000. In comparison to Buterin’s overall assets, this figure is minuscule. Data from Arkham Intelligence reveals Buterin’s vast holdings include approximately 245,774 ETH valued at $934 million and 256.31 wrapped ether (WETH) nearing $1 million.

Buterin’s portfolio also comprises $698,520 in KNC coins and $167,350 in DINU tokens, with some of these lesser-known coins periodically exchanged on Uniswap. The recent shift of $100,000 in ETH to USDC on Base coincides with a notable uptick in ETH’s market value. As of now, one ethereum (ETH) trades at $3,850 per coin, witnessing a 4.8% increase over the last 24 hours. Over the past month, ETH has appreciated over 67% relative to the U.S. dollar.

What do you think about Buterin swapping $100K ether for stablecoins? Share your thoughts and opinions about this subject in the comments section below.