Vitalik Buterin moves part of his ETH

Ethereum founder sends crypto worth one million to Coinbase. An explanation has not yet been given. There is speculation on the Internet about Buterin's plans.

Ethereum co-founder Vitalik Buterin sent 600 ETH (equivalent to one million US dollars) to a cryptowallet on the crypto exchange Coinbase.

Onchain analysts at PeckShield reported Buterin's transfer on Aug. 21, which initially went to a multichain address before being resent to another address that Etherscan marked as belonging to Coinbase.

Buterin has not yet commented on the transaction. Inflows on exchanges are generally seen as a sign that investors intend to sell their crypto currencies against fiat currencies.

On Twitter speculate users that Buterin plans to transfer his ETH to Coinbase's recently launched layer 2 solution, BASE, to use the network's new DApp for social media, Friend.Tech.

The transfer comes after crypto markets plunged last week, with the Ethereum price fell to $1,670 for the first time since June.