Vitalik Buterin's Ethereum Sales Worry Market

The price of Ether (ETH) is facing a potential deeper pullback as it struggles to maintain its support level at $1,500. The market is being pressured by Vitalik Buterin, who has been selling millions of dollars' worth of ETH over the past few days.

According to blockchain analytics firm Lookonchain, Buterin sold 1,869 ETH, valued at $3.67 million, after withdrawing 3,500 ETH from Aave over a two-day period. This move comes after his announcement in January that he would liquidate his total holding of 16,384 ETH to fund ecosystem growth and support open-source projects.

Since February 2, Buterin has reportedly sold nearly 8,000 ETH in batches, which could further intensify downward pressure on the market. The sales are being tracked by Lookonchain, who observed that Buterin is 'selling ETH faster again.'