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As of this writing, the price of Ethereum (ETH) is facing a mild drawdown, and a fresh Vitalik Buterin transfer is coming into focus. Per data from crypto analytics platform SpotonChain, the address “0x556,” with ties to Buterin, sent 649 ETH to Paxos hours ago. This sum was valued at $1.79 million as of the time he initiated the transaction.

Ethereum price response

Vitalik Buterin, among other whales, has been dumping Ethereum for several weeks now. While the motive behind some of these sell-offs is often hidden, the impact is often felt.

Market participants consider this sell-off a vote of no confidence in Ethereum. To complicate this outlook, the Ethereum Foundation is also known to offload some of its holdings. While the organization has tried to explain or justify the reasons for this offload, it has not allayed the concerns of some market traders.

According to data from CoinMarketCap, the price of Ethereum has slipped by 0.79% in the past 24 hours to $2,632.90. This marginal slip in price is still bolstered by a 21% surge in trading volume, which is pegged at $12,882,573,810 as of writing.

With the trading volume negative, the impact of the price falls remains to be seen, as it is unclear which direction the price will trail moving forward.

Vitalik Buterin transfer justification

The Ethereum cofounder is arguably the most influential figure in the ecosystem. In his justification for selling ETH consistently, Buterin claims he has not profited from Ethereum in a long time. He said most of his withdrawals are for donations to areas of his research interest.

He remains one of the biggest Ethereum holders despite moving 1,300 ETH to Paxos at an average of $2,581 and $3.35 million in the past 11 days.