Worried? Vitalik Buterin dumps a lot of Ethereum on the market

In three transactions of 1,000 ETH each, an address associated with Vitalik Buterin sent 3,000 ETH (R$20 million) to Uniswap last Saturday (12). The move comes after FTX went bankrupt and mistrust took over the market.

On-chain data indicates that the creator of Ethereum has converted Ethereum to the USDC stablecoin. That is, Buterin seems to believe that the fall of cryptocurrencies will be even deeper.

Therefore, all the optimism that was in the market, with Bitcoin stable in the $20,000 region after all the drama with LUNA, seems to be gone. The FTX crash fueled further declines, with several currencies hitting their lowest levels in the past two years.

Even Vitalik Buterin looks worried

On FTX, Vitalik Buterin was stern in saying that Sam Bankman-Fried “deserves what he gets”, pointing out that he was already suspicious of the former billionaire over his broker’s excessive marketing.

Last Saturday (12) Vitalik Buterin addressed the market with money. While he was confident in the implementation of The Merge, his optimism seems to have put an end to recent developments.

Through an address associated with his name, the creator of Ethereum has sold the coins of his own project and exchanged ETH for the USDC stablecoin.

Although he bought WBTC, DAI and USDT with ETH, Buterin eventually converted his entire balance into such a stablecoin, leaving the equivalent of $3.89 million USDC in his wallet.

At the time of writing, each ETH is trading at $1,242, down 75% from the all-time high of $4,891 recorded about a year ago.

Cryptocurrencies Didn’t End But FTX’s Crash Was A Big Setback

It’s hard to imagine that the failure of FTX means the end of cryptocurrencies, after all, this was not the first exchange to fail. However, market sentiment is declining. After all, it’s been almost 14 years since Bitcoin was created and events like this shouldn’t be part of our routine.

So it’s hard to imagine how long it will take for the market to react. After all, Bitcoin struggled to remain stable in the $20,000 region, but now this price looks more like a dream than a short-term target.

For critics, the FTX fiasco served as ammunition. For investors, learn. For those who trusted or depended on it to trade their cryptocurrencies, pure loss.

In any case, the event should not be soon forgotten and people should learn to keep their own money safe, even if it is difficult at first for those unfamiliar with wallets, private keys and backups.

As for the price, it should take time to see new highs, but all indications are that they will happen. After all, the industry is undergoing a cleanup and those that remain must be mature enough to handle third-party funds.