Vitalik Buterin's Pause on ETH Sales Sparks Hope for Recovery

Ethereum co-founder Vitalik Buterin has temporarily paused his Ether (ETH) sales, sparking hopes for a potential recovery rally within the cryptocurrency.

Data from Lookonchain indicates that the funds allocated for privacy-focused initiatives have decreased by more than 1/5th of their initial value since January. The total holdings in Buterin's wallets have dropped from approximately 241,000 ETH to around 224,000 ETH, with the majority of the transactions carried out via CoW Protocol and Gnosis Safe.

The sales have generated roughly $39.4 million in proceeds, with the average sale price ranging between $2,000 and $3,000. The development comes as Ethereum's native token has faced a 32% decline in value over the past month, reaching around $2,041 as of press time.