Ethereum co-founder Vitalik Buterin has sold over 6,100 ETH as prices fell below $2,000, adding to significant selling pressure amid a larger trend of whale activity.

According to data from Lookonchain, Buterin’s sales coincided with a period of substantial sell-offs in the market. On February 5, he sold 2,961 ETH for approximately $6.6 million at an average price of around $2,228. Just a day later, sales reached a cumulative total of 6,183 ETH, equivalent to about $13.2 million, with prices slipping further to approximately $2,140.

Some of the proceeds were directed towards philanthropy, with Buterin sending around $500,000 from the sale of 212 ETH to Kanro, a charitable organization focused on open-source biomedical research. The Kanro Fund stated that these funds would aid in projects concerning airborne diseases and pandemic preparedness.

Buterin’s larger strategy involves withdrawing 16,384 ETH to fund ventures in biotech and privacy-focused technology, signaling a more cautious spending approach at Ethereum Foundation.

In addition to his activities, the market has observed significant volatility with ETH plummeting beneath the $2,100 threshold, provoking actions from both institutions and large holders, indicating a correction phase. Reports indicate large stakeholders, including Trend Research and Stani Kulechov, have also conducted substantial sales.

At the time of this report, ETH was trading around $1,900, reflecting a drop of over 30% in the last week. This declining trend appears to be driven predominantly by major investors reallocating their positions amid turbulent market conditions.