According to on-chain data, a wallet associated with Ethereum (ETH) co-founder Vitalik Buterin sent 600 Ether worth roughly $1 million to Coinbase earlier today.

The motive behind the transaction remains speculative as of press time. Usually, transfers to exchange are translated to mean an intention to sell. With Ethereum’s price recently struggling, Buterin’s transaction could further exert more selling pressure on the digital asset.

Meanwhile, on-chain sleuth Lookonchain reported that Vitalik.eth wallet repaid 251,000 RAI on DeFi platform Maker and withdrew 1,000 ETH (around $1.67 million) on Aug. 20.

The wallet known as “vitalik.eth” was created seven years ago and contained 3,993 ETH, worth $6.5 million as of press time. CryptoSlate, using the Arkham Intelligence dashboard, confirmed that the wallet belonged to the Ethereum co-founder. Other digital assets in the wallet include $84,000 worth of USD Coin (USDC) and $58,000 worth of Wrapped Ethereum (WETH).

This is not the first time Buterin would transfer assets to a crypto exchange. Earlier in the year, the Ethereum co-founder sent 200 ETH to Kraken in March. Around the same period, Buterin dumped several unsolicited altcoins (sh*tcoins) for 439.25 ETH.

ETH price struggling

Buterin’s transaction is coming on the heels of last Thursday’s crypto market flash crash. Last week, ETH’s price fell below $1700 for the first time since June and continued to trade under the mark as of press time.

According to CryptoSlate’s data, ETH traded at $1667 at the time of writing after a slight decline of 0.18% in the last 24 hours.

However, data from blockchain analytical firm Glassnode shows that Ethereum holders are jealously guarding their holdings as they rapidly send their assets off crypto exchanges. According to the data aggregator, the amount of ETH held on exchanges is 14.88 million, a level not recorded since 2018.

The TRON (TRX) network exhibited considerable growth in Q2 in daily active accounts, new accounts, and transactions, as metrics increased by 14%, 13.4%, and 28.9%, respectively, according to a recent report by Messari.

Tron Q2 Growth.

This growth coincided with the launch of BitTorrent Bridge and Stake 2.0, among other developments, showing promising expansion of the network’s capabilities and user engagement.

Messari’s report notes that the surge in network activity boosted revenue by 11.6% quarter-over-quarter in TRX terms, translating to a 22.2% increase when measured in USD.

Interestingly, the revenue growth led to a significant amount of TRX being burned, supporting the token’s value in an otherwise flat-to-down market. TRX outperformed most Layer 1 tokens during the quarter, with its market cap swelling by 14.7% compared to the average 23% decline of other major L1 tokens.

The report also highlighted TRON’s ongoing efforts to expand DeFi as applications and infrastructure providers began integrating TRX liquid staking and the decentralized resource marketplace.

TRON’s most prominent DeFi protocols, such as JustLend, JustStables, SUN, and JustMoney, saw increased Total Value Locked (TVL) during the period, reflecting vibrant activity in the network’s DeFi sector.

Across the network, TVl grew 7% when denominated in dollars, but the underlying amount of TRX fell by 7.9%.