Ethereum ETH/USD Co-founder Vitalik Buterin has traded a large sum of ETH to deposit it into a DeFi protocol, with traders predicting a bright future for him.
What happened: Lookonchain data shows that Vitalik Buterin deposited 2.27 million USDC/USD pair rate In Aave AAVE/USD exchange rate. This amount was obtained by selling 950 ETH over the past two weeks. In addition, Buterin also deposited an additional 2,851 ETH, or $6.73 million, on Aave.
Buterin’s large deposits into Aave are a testament to his confidence in the platform and its potential. The move also highlights the growing trend of influential figures in the crypto space using DeFi platforms for their transactions.
Buterin’s actions could potentially influence others in the crypto community to follow suit, driving more traffic and transactions to Aave and similar DeFi platforms.
Also read: Ethereum Co-Founder’s $2.1M Ether Transfer Raises Eyebrows: Why Is Vitalik Buterin Giving Up?
Why it matters: Over the past seven trading days, Aave has accumulated 10% gains, prompting crypto trader Poseidon to predict a target of $450. The trader sees Aave breaking out of the 800-day accumulation range. He added, “The real move hasn’t even started yet; so far, it’s all been a build-up.”
On the other hand, Altcoin Sherpa suggested that these levels are not meant for buying.
In early September, Buterin said he would donate all profits from his cryptocurrency holdings, including Ethereum and Layer 2 tokens, to support the Ethereum ecosystem and broader charitable causes. In late August, Buterin transferred 800 ETH to a multi-signature wallet. The transaction follows a series of previous transfers.
And then?:Ethereum’s influence as an institutional asset class is set to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19.
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