Crypto market veteran Erik Voorhees is once again drawing attention after executing a significant Ethereum buyback. Known as an early Bitcoin advocate and the founder of ShapeShift, Voorhees has strategically re-entered the Ethereum market months after previously trimming his exposure near higher price levels.
The development highlights calculated portfolio management among crypto veterans who actively rotate capital in line with market cycles rather than passively holding through volatility.
Whale Initiates $20M Ethereum Buyback
Blockchain analytics platform Lookonchain revealed in a recent X post that Voorhees purchased 9,911 ETH, spending $20.38 million in USD Coin (USDC) at an average price of $2,057. Citing data from Arkham Intelligence, the on-chain sleuth noted that the accumulation was executed through a series of transactions, likely a strategy to minimize market impact.
Meanwhile, it’s worth noting that the re-entry follows his sale of 11,616 ETH roughly a year ago, when Ethereum was worth $2,922, generating approximately $33.94 million. By selling high and buying back at lower levels, Voorhees appears to have strategically lowered his cost basis while maintaining meaningful exposure to Ethereum.
Vitalik Buterin’s Sell-Off Sparks Speculation
Amid Voorhees’ aggressive ETH buyback, Ethereum co-founder Vitalik Buterin is reportedly reducing his holdings at a notable pace. Lookonchain disclosed that over the past two days, Buterin sold 1,869 ETH worth $3.67 million, during which ETH declined by 5.7%, falling from $1,988 to $1,875.
Additionally, Lookonchain previously reported that Buterin had offloaded 6,958 ETH worth $14.78 million, with ETH sliding 22.7% at the time from $2,360 to $1,825. The massive sell-offs and the price drops that followed have sparked speculation within the crypto community.
Historically, Buterin rarely sells significant portions of his core ETH holdings and is more commonly known for liquidating external tokens gifted to him by startups and new blockchain projects. This deviation from the pattern has intensified debate over the motive behind the transactions, whether strategic, operational, or philanthropic.
What This Means for the Market
The contrasting strategies by Voorhees and the sell-offs linked to Buterin underscore the complexity of Ethereum’s current market structure. The sell-offs and accumulation amid a broader market downturn have cast a mixed outlook on Ethereum, leaving investors divided between optimism and caution.
While some view Voorhees’ aggressive re-entry as a signal of confidence at discounted levels, others remain wary of the short-term pressure associated with high-profile ETH liquidations. Ultimately, these opposing moves highlight how influential figures can shape sentiment, even as broader macroeconomic conditions and market fundamentals continue to dictate Ethereum’s longer-term trajectory.
Temitope Olajide
Evans Kelvin
