Vitalik Buterin continues his planned Ethereum sell-off. According to on-chain trackers Lookonchain and Onchain Lens, the network co-founder sold another 4,458 ETH for approximately $8.9 million.
The deal took place as the market tries to regain confidence. In the past 24 hours, Ethereum has gained about 7–8% and is holding above the psychologically important zone around $2,000, with trading volumes noticeably increasing. Against this backdrop, the logic of the question changes.
The issue is no longer whether ‘sales are putting pressure on the price,’ but how resilient demand remains when a large seller with a well-known plan appears.
Sales Are on Schedule and the Plan Is Almost Complete
Previously, Buterin publicly stated his intention to sell 16,384 ETH. After the latest transaction, the program is about 97% complete. Wallets associated with this initiative still hold about 504 ETH, which at current estimates is just over $1 million.
Since the beginning of February, he has sold about 15,479 ETH for roughly $30.9 million. The average sale price was around $1,999 per ETH. This is an important detail for the market, as it shows not a ‘lucky attempt to catch the top,’ but a consistent, disciplined execution without an obvious link to short-term price spikes.
Why the Market Does Not ‘Break’ From Such Deals
In strong trends, a simple mechanism often works. When a large seller exits ‘according to plan,’ the market gains clarity. Participants find it easier to assess how much more supply is ahead and when it will end. This predictability itself reduces nervousness.
The second reason is the liquidity structure. Daily ETH turnover on major platforms is usually large enough to absorb deals of this size without a prolonged effect, as long as demand is also rising. Judging by the price dynamics, buyers are currently willing to ‘pick up’ the volumes appearing on the market.
Stablecoins Instead of Exiting ‘Into the Banking System’
Over the past week, some of the proceeds from sales, according to trackers, have been converted into several stablecoins, including PYUSD, EURC, LUSD, and GHO. This mix looks like an attempt to distribute liquidity across different instruments, rather than simply locking in results in a single asset.
The market reads this as well. When sales are accompanied by conversion into stablecoins, participants more often perceive the process as capital and cash position management within the ecosystem, rather than a signal of ‘I’m leaving the story.’
How Much ETH Buterin Still Holds
Even after a series of sales, Buterin still controls a large stake. According to available estimates, his associated addresses hold about 259,350 ETH. At the current price, this is close to $500 million.
This figure is important not as a ‘threat to the market,’ but as context. The volumes sold represent only a small portion of his overall portfolio. In other words, the events look more like a partial rebalancing than a position reversal.
The Price Is Rising, but the Market Has Not Yet Chosen a Direction
Ethereum has gained noticeably more than Bitcoin in the past day, which brings renewed interest to the topic of rotation within the market. When ETH outpaces BTC, participants usually try to determine whether this is the start of a broader liquidity shift into ‘second-tier’ and infrastructure tokens, or just a technical rebound after a drop.
For now, the picture is mixed. There is momentum, but after a rapid rise, the market often takes a pause to ‘digest’ the movement.
What Levels the Market Is Watching Now
In the short term, the area around $2,000 is becoming a key line. It serves as both a psychological marker and a technical area where orders usually cluster.
The nearest support is forming roughly in the $1,990–2,070 range. Below that, the market highlights a deeper zone around $1,820, where demand previously appeared.
On the upside, the priority area is $2,150–2,214. This is the range where the price has already encountered resistance and where sellers may defend levels more actively.
If ETH holds above $2,000 and starts forming higher lows, the market will have an argument for continued recovery. If support is lost, the recent rally may remain a local bounce, especially if overall risk appetite worsens again.
What the Phrase ‘Permissionless but Not Opinionless Network’ Means
Separately, Buterin’s phrase ‘Ethereum is permissionless, not opinionless’ comes up in discussions. The point is that the network is open for participation and development without permissions, but this does not mean a lack of values, principles, and norms within the community.
Simply put, anyone can build and launch products on Ethereum, but the direction of ecosystem development is still determined by discussions, compromises, and the choice of priorities, not ‘autopilot.’
During periods of volatility, such theses are voiced especially often, as the market simultaneously evaluates both price and the fundamental basis for trust in the infrastructure.
What Happens Next?
The market will watch two things. The first is the completion of the planned sell-off, since the remaining volume is small and its closure will remove another predictable source of supply. The second is the price reaction around $2,000 and ETH’s ability to sustain growth on higher volumes.
For now, the main takeaway is simple. Sales by a well-known large holder have not stopped the upward movement. This means demand at the moment has proven stronger.
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