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Vitalik Buterin, a co-founder and the frontman of Ethereum, has responded to a critic, clarifying the recent large ETH sales conducted by the Ethereum Foundation.

Vitalik’s ETH holdings increase

A recent X post published by Vitalik Buterin, where he revealed “some important next steps” for Ethereum, several X users addressed the ETH sales that have been made by Vitalik and the Ethereum Foundation over the past few months.

Addressing the request to “stop dumping”, Buterin stated that he has not sold a single Ethereum in the past month. Besides, he revealed that his Ethereum holdings have seen an increase lately: “The amount of ETH I hold has actually gone up.”

Buterin reveals why Ethereum Foundation selling ETH

As for the question why there have been multiple ETH sales made by the Ethereum Foundation this year, Vitalik reminded the community that the “Ethereum Foundation is paying researchers and devs” who are responsible for a range of crucial things.

Among them are “ethereum not bleeding 5M ETH/year to proof of work”, “your fees being low today”, “your txs getting included in < 30s instead of like 1-30 min (eip 1559)”, “various security work (internal dev and grants) that have prevented many losses of funds.”

He also mentioned that the Foundation is responsible for zk tech that “lets people use eth privately”, local ETH-dedicated events around the world, including many that hardly mention the Ethereum Foundation as a sponsor.

Coinbase stunned with $763 million ETH deposit

As reported by popular blockchain sleuth Whale Alert, which monitors large crypto transactions and shares the details with the community, in the past 24 hours, there have been two mammoth-sized transfers of ETH to the largest cryptocurrency exchange based in the USA – Coinbase.

Notably, those transactions were identical in value and carried 149,999 ETH worth $381,391,390 each. Together, they made up $762,782,780. Both transfers were made from unknown blockchain addresses to a Coinbase wallet.

These transaction triggered the crypto community, causing a heated discussion as to the nature and the origins of these transactions. Some suggested that it was a liquidity test, others believe that “something must be cooking.”

Over the past day, Ethereum has plunged by almost 5%, falling to $2,433. By now, the ETH price has partly recovered and is changing hands at $2,465.