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Vitalik Buterin, one of the people who helped make Ethereum, the biggest alternative coin in the world, moved ETH to a crypto mixer early Monday morning. The mixer stops bad people and keeps users' information safe.
A tracker on the blockchain shows that Buterin moved more than $1.06 million in Ether to a new wallet address. The move happens right now, after the big drop in the value of ETH in early August.
Arkham Intelligence, an on-chain cryptocurrency watcher, shows that Vitalik Buterin sent 400 Ether worth about $1.06 million to a new wallet address, 0x18.F10E. Buterin sent 1 ETH to Railgun, a cryptocurrency mixer for large trades and DeFi users. Crypto trades are more private with the smart contract system.
Buterin's move happens when Ethereum is still trying to get back on its feet after the drop in the cryptocurrency market. As institutional capital leaves Spot Ethereum ETFs, ETH stays close to important support at $2,750.
Sosovalue data shows that money left Spot Ethereum ETFs by a net amount of $14.16 million during August 12–16. The ETHE ETF from Grayscale ETF lost $118 million, while the Spot Ethereum ETFs from BlackRock and Fidelity gained $76.35 million and $25.79 million, respectively.
As less institutional capital flows into the financial product, it's possible that institutions aren't buying as much Ether. At the time of this writing, Ethereum is worth $2,632.
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