Gemini is a centralised cryptocurrency exchange.
Moving cryptocurrency to such centralised exchanges typically indicates a sell off.
This development follows a transaction made just three weeks ago, where another wallet linked to Ethereum co-founder Vitalik Buterin sent 400 ETH, valued at approximately $600,000, to Coinbase.
Buterin has been involved in several other ETH deposits to centralised exchanges in recent weeks.
Between September 15 and September 19, he deposited 321 ETH to Kraken.
On September 17 and September 20, Buterin reportedly made multiple transactions depositing a total of 1,700 ETH to Bitstamp.
Additionally, on September 19, he deposited 500 ETH to Paxos.
Most of this was done with different wallets tagged under Vitalik.
Coinlive previously reported on how the Ethereum Foundation completed the sale of 1,700 ETH on the Uniswap platform, yielding a total of $2.738 million in USDC.
While such transactions are often associated with covering operational expenses, funding grants, or supporting initiatives within the Ethereum ecosystem, we cannot help but wonder if there’s a larger, undisclosed motive behind this pattern of selling off assets.