Ethereum co-founder Vitalik Buterin sold 493 ETH for approximately $1.16 million and transferred part of the proceeds to a biotech charity. This was noted by analysts at Lookonchain.
vitalik.eth(@VitalikButerin) continues to sell $ETH, having sold 493 $ETH($1.16M) in the past 8 hours.https://t.co/pMvkZHjIyDhttps://t.co/3X1cQ1v4HL pic.twitter.com/TxL2xTi8jf
— Lookonchain (@lookonchain) February 2, 2026
According to Arkham, the programmer conducted several transactions in the past day:
- First, he sold 211.84 ETH;
- Then, he sent USDC worth $500,000 to the Kanro wallet—a charity founded by Buterin in 2023 for research on COVID-19 and future pandemics.
In January, the Ethereum co-founder withdrew 16,384 ETH (about $38.5 million). He allocated these funds to support the ecosystem of the second-largest cryptocurrency, including implementing an "aggressive roadmap" to transform the network into a "productive and scalable global computer" without sacrificing reliability, resilience, or decentralization.
Ethereum Dynamics
The sale occurred amid overall market weakness, with ETH prices nearing levels last seen in the summer of 2025.
At the time of writing, the leading altcoin is trading around $2,200, having dropped more than 20% in the past week.
Michael van de Poppe, founder of MN Trading, pointed out the ETH to Bitcoin (ETH/BTC) chart, noting it shows a pattern reminiscent of the last bullish rally in the market.
The last time Gold topped, the following happened:
— Michaël van de Poppe (@CryptoMichNL) February 1, 2026
— $ETH bottomed 9 months prior.
— $ETH crashed by 30-40%.
This time;
— $ETH bottomed 9 months prior
— $ETH is down 31% already.
What happened after that?
A rise of 300%+ against #Bitcoin for Ethereum and the bull market… pic.twitter.com/CH8SRjyZm7
In the previous cycle, the altcoin reached a bottom against the first cryptocurrency about nine months before gold peaked, followed by another drop of 30-40%.
At that time, many spoke of a trend reversal. However, that correction marked the bottom.
As gold cooled and defensive positions decreased, capital returned to crypto assets with a higher beta, resulting in a 300% price increase for Ethereum against Bitcoin.
The current structure appears similar, though not identical. The drop in ETH to BTC reached a minimum about nine months before the recent peak of the precious metal, with the current decline at around 31%.
Additionally, van de Poppe noted that the market capitalization ratio of Ethereum to the market value of silver has hit a historical low according to the RSI indicator.
The valuation of $ETH vs. Silver has hit the lowest RSI ever.
— Michaël van de Poppe (@CryptoMichNL) February 3, 2026
The lowest!
The previous times we've hit this level were:
— The low in 2022.
— The low in 2018.
History shows where we are in the cycle. pic.twitter.com/uHqIOLtgRp
Such levels were only observed at the bottoms in 2018 and 2022, the expert emphasized.
Attractive Opportunity
Tom Lee, head of research at Fundstrat, stated that the Ethereum correction should be viewed as an "attractive opportunity." The network's fundamentals remain strong.
He linked the price drop to a lack of leverage and capital outflow into precious metals.
5/
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) February 2, 2026
Regarding $ETH prices:
Said Thomas “Tom” Lee, Executive Chairman of Bitmine:
“ETH prices have dropped sharply in the past month from ~$3,000 to ~$2,300. This occurred while Ethereum daily transactions hit an all-time high (ATH) of 2.5mm (per https://t.co/2yTDfINcsQ) and active… pic.twitter.com/ztBkHfTAkn
In mid-January, the daily transaction count on Ethereum hit a record of 2.8 million. The number of daily active addresses surpassed 1 million.
During the crypto winters of 2018 and 2022, activity decreased. This is "the opposite of what we have seen over the last 12 months," noted Lee.
Recall that in November, the expert predicted Ethereum would repeat Bitcoin's "supercycle." Previously, he forecasted the coin would rise to $15,000.