Vitalik Buterin Shocks Crypto World, Dumps Over $38M ETH—What’s Behind the Massive Sell-Off?

Vitalik Buterin has exceeded his previously stated plan to sell 16,384 ETH, with total disposals now reaching 18,684 ETH.

Ethereum co-founder Vitalik Buterin has surpassed his publicly stated target of selling 16,384 ETH, with on-chain data showing total disposals have now reached over 18,000 ETH, valued at more than $38 million.

The sales, which have accelerated over the past 24 hours, come with ETH struggling against a multi-month downtrend that has seen it lose nearly 60% of its value since last summer’s all-time high above $4,900.

Sales Accelerate Past Planned Target

Blockchain analytics firm Lookonchain reported early Thursday that wallets linked to Buterin have now exceeded the 16,384 ETH threshold he announced in late January.

The blockchain developer initially disclosed his plan on January 31, 2026, stating he had withdrawn 16,384 ETH to fund open-source software and hardware development, privacy tools, and security-critical infrastructure projects.

He characterized the move as part of a period of “mild austerity” for the Ethereum Foundation, with him personally assuming funding responsibilities for certain initiatives to ensure the Foundation’s long-term sustainability.

The selling began in early February and has unfolded in distinct phases. On February 5, Lookonchain reported Buterin had sold 2,961 ETH worth $6.6 million over three days at an average price of $2,228 per coin.

By February 6, total sales had grown to 6,183 ETH, valued at $13.2 million, with the pace accelerating later in the month. On February 22, on-chain data showed Buterin had withdrawn another 3,500 ETH from Aave, and by February 23, Lookonchain flagged additional sales of 1,869 ETH worth $3.67 million.

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However, the most intense activity occurred between February 25 and 26. According to analyst Ted Pillows, Buterin sold another $2.83 million worth of ETH in the past few hours alone, bringing his total for February to $38.2 million. The sales included an additional 2,300 ETH dumped after Ethereum posted a 10% daily gain, its first such move in over four months.

Transaction data shared by Lookonchain shows multiple swaps routed through CoW Protocol, a decentralized exchange aggregator that splits large orders into smaller swaps to minimize market impact. These batches ranged from 7 to 70 WETH and were executed in quick succession, pushing the total past the planned 16,384 ETH to 18,684 ETH.

Despite the disposals, Arkham Intelligence data indicates Buterin remains one of the largest individual holders, with more than 240,000 ETH still in wallets associated with him.

Ethereum Price Action

The price of Ethereum has shown significant volatility during the period of Buterin’s sales. The asset is currently trading around $2,050, up 8.6% in the last 24 hours and 3.6% over the past week, according to CoinGecko. However, the token is still down nearly 30% over the past month and almost 18% across one year.

Analyst Ali Martinez noted that Ethereum’s broader decline coincided with significant ETF outflows, with data showing that over the last five weeks, institutional products have offloaded about 563,600 ETH, worth about $1.13 billion.

If selling pressure continues, Martinez identified several critical downside levels to watch, with $1,800 as an immediate pivot, followed by $1,584, $1,238, and a deeper capitulation zone near $1,089.