Buterin’s sales, ETF outflow streak weigh on ethereum
The price of ethereum remains under pressure as ethereum cofounder Vitalik Buterin selling a tranche of his holdings and sustained spot ETF outflows act as headwinds for the second-largest cryptocurrency.
Buterin sold $5.9 million worth of ethereum over the past several days after withdrawing 3,500 tokens from lending protocol Aave, on-chain data from blockchain analytics firm Arkham Intelligence shows. Since the beginning of the month, Buterin has reportedly sold 8,000 tokens.
“Historically, his sales have funded ecosystem development or philanthropy rather than signaling reduced conviction,” per Kelly Ye, deputy chief investment officer of Avenir Group. “It may create short-term sentiment pressure, but it’s not necessarily a structural negative — especially given his continued active role in building ethereum,” Ye told Sherwood News.
Meanwhile, spot ethereum ETFs recorded $123.4 million in outflows last week, marking the fifth consecutive week of outflows. In total, nearly $1.4 billion has exited from the funds during the stretch, data from SoSoValue shows. “ETF outflows reflect positioning and liquidity conditions more than protocol fundamentals. ETH is still being treated tactically by many allocators rather than as a core allocation,” Ye added.
The longest outflow streak for the investment vehicles is eight weeks, occurring between February and April 2025, when the cryptocurrency dropped from $2,200 to under $1,600.
Still, pockets of demand persist. BitMine Immersion Technologies, the leading ethereum treasury firm, acquired roughly $100 million worth of tokens last week, according to a press release.
“In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings,” BitMine Chairman Tom Lee said in a statement.
