Vitalik Buterin Accelerates $ETH Sell-Off Again — What’s Behind the Move?

Key Takeaways

• Vitalik Buterin sold 1,869 ETH (~$3.67 million) in the last 48 hours, picking up pace after recent Aave withdrawals.
• During this period, ETH fell 5.7% from $1,988 to $1,875, echoing a prior larger sale where ETH dropped 22.7% ($2,360 → $1,825).
• Sales continue funding Ethereum ecosystem projects, privacy tools, and open-source work—Buterin retains over 240,000 ETH; moves use privacy tools like CoW Protocol.

Ethereum co-founder Vitalik Buterin has accelerated his ETH sales in recent days, sparking renewed speculation in the crypto community about potential market impact amid ongoing price weakness.

According to on-chain tracking from Lookonchain (posted February 23, 2026), vitalik.eth sold 1,869 ETH—valued at approximately $3.67 million—over the past two days. During this period, Ethereum’s price declined from $1,988 to $1,875, a drop of 5.7%.

This comes as part of a broader selling pattern in February 2026. Earlier reports indicate Buterin has offloaded thousands of ETH since early February, with cumulative sales exceeding $15–18 million at average prices around $2,000–$2,100 per ETH. For context, a prior batch of 6,958 ETH (worth ~$14.78 million) coincided with a steeper ETH decline from $2,360 to $1,825—a 22.7% fall—highlighting how high-profile movements can amplify volatility in thin markets.

Recent Activity and Broader Context

The latest acceleration in activity comes after Buterin withdrew 3,500 ETH (approximately $6.95 million) from Aave on February 22. Following the withdrawal, part of those holdings were gradually sold.

Over the past two days alone, he has offloaded 1,869 ETH worth around $3.67 million. During the same period, ETH’s price declined from $1,988 to $1,875, marking a 5.7% drop.

Notably, some of these transactions were routed through privacy-focused trading platforms such as CoW Protocol, a move that can help reduce immediate market impact and slippage. In addition, portions of the ETH were swapped into stable assets, including GHO — Aave’s overcollateralized stablecoin — and USDC, suggesting a shift toward more defensive positioning amid short-term volatility.

Context on Buterin’s Holdings and Strategy

Buterin’s known ETH balance remains substantial. Recent estimates from Arkham (as of 23 February 2026) place his holdings above 224,000 ETH, currently valued around $418 million.

These transactions are typically not interpreted as bearish signals on Ethereum itself. Buterin has consistently framed such sales as strategic liquidity management to support long-term goals, including advancements in zero-knowledge proofs, decentralization, and emerging areas like AI-blockchain intersections. His recent X posts (from February 19–21, 2026) focus on governance innovations, protocol hardening, scaling upgrades (e.g., ePBS, gas repricings), and UX/security improvements—rather than market commentary.

Market Context

As of February 23, 2026, ETH trades near $1,860–$1,875 (with intraday lows around $1,856–$1,862 per snapshots), reflecting broader sentiment challenges including ETF outflows and macro headwinds. While Buterin’s volumes are noteworthy for visibility, they remain a tiny fraction of daily ETH liquidity (billions in USD traded).

These actions fit Buterin’s consistent pattern: strategic liquidity management to fund Ethereum’s long-term development without sudden disruption. While they add short-term sentiment pressure in a downtrending market, they do not indicate diminished confidence in the protocol.