[DigitalToday reporter Jinju Hong] Ethereum (ETH) co-founder Vitalik Buterin (비탈릭 부테린) sold about 17,000 ETH over February, data showed.

Arkham Intelligence, a blockchain data analytics firm cited by blockchain outlet CoinPost on Feb. 26 (local time), said Ethereum holdings in wallets linked to Buterin fell by about 17,000 ETH over the past month, to 224,000 ETH on that day from 241,000 ETH in early February. That is worth $43 million, or about 62 billion won, at current value.

The sales were made in several tranches through decentralised exchange aggregator CoW Protocol, the report said. Buterin repeatedly sold ether at intervals of minutes, a method seen as an algorithm-based strategy to distribute sales to minimise market impact.

Buterin's ether selling was concentrated in early and late February, it showed. Specifically, the founder sold $6.6 million worth of ether over three days early this month. He then sold $7 million worth of ether over the past three days.

The sales appear aimed at securing funds linked to a plan to donate about 16,000 ETH to support privacy technology and open-source software research that he announced in January, rather than simple cashing out. Buterin has gradually disposed of holdings to support research and development and public projects.

Market views are mixed. With ether down about 37 percent over the past month and trading around $1,900 to $2,000, concerns are emerging that ongoing selling by the founder could weigh on investor sentiment. Repeated selling by a whale could also burden the short-term supply-demand balance.

More than 30 percent of ether supply is locked in staking, but there are also claims that investment appeal has weakened as staking yields have fallen to about 2.8 percent.

About 224,000 ETH is estimated to remain in Buterin's wallets. Experts view it positively in that the funds could lead to reinvestment for ecosystem innovation, but they also say it is necessary to closely watch the pace of future sales and the impact on market liquidity.