Vitalik Buterin, the cofounder of Ethereum, deposited 600 ETH rate over $1 million to crypto trade Coinbase on Monday, records from blockchain explorer Etherscan presentations.

The tokens had been sent from the wallet take care of labelled “vitalik.eth,” which presently aloof holds 3,993 ETH rate $6.5 million at recent prices.

Buterin’s switch comes amid per week of volatility for ETH, which is down 10% over the excellent seven days. A engaging selloff late on Thursday excellent week noticed crypto traders endure $1 billion rate of liquidations, with ETH liquidations alone accounting for $302 million over 24 hours.

Before sending the 600 ETH to Coinbase, Buterin repaid 251,000 Rai Reflex Index (RAI) tokens on the Maker protocol and withdrew 1,000 ETH rate $1.67 million.

Though a few market participants speculated that Buterin sent the ETH to the crypto trade to sell, the reason within the aid of the switch stays unknown. Over the last few years, nonetheless, Buterin has supplied ETH after identical transfers to crypto exchanges, alongside with varied lesser identified tokens that americans relish sent to his wallet.

No doubt, earlier this three hundred and sixty five days, Buterin moved $3.6 million ETH to crypto exchanges Kraken, Gemini and Coinbase, in accordance with records from Arkham. Incidentally, the timing of those transfers additionally coincided with a drop in ETH’s designate.

On Sunday, one other Ethereum wallet take care of which had bought ETH all around the Initial Coin Providing (ICO) in 2014, moved 191 ETH rate around $320,000 to at least one other take care of after more than eight years of leaving it untouched.