Vitalik Buterin's Ether Sales Add to Bearish Pressure on Cryptocurrency Market

Ethereum's co-founder Vitalik Buterin has been making large-scale sales of ether, adding to the downward pressure on the cryptocurrency's price.

According to blockchain data, Buterin sold 1,869 ether worth $3.67 million over two days, withdrawing a total of 3,500 ether from Aave. This is part of a broader plan announced in January to fund ecosystem development and other initiatives.

The sales have contributed to a decline in ether's price, which has fallen nearly 3% over the past 48 hours, hitting a 20-day low of $1,844 at one point early Monday. Despite this, Buterin still holds over 224,000 ether worth approximately $429 million.