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When USDC broke, Ethereum co-founder Vitalik Buterin bought

when-usdc-broke-ethereum-co-founder-vitalik-buterin-bought
Edited by
News
When USDC broke, Ethereum co-founder Vitalik Buterin bought

Blockchain data shows that Ethereum blockchain co-founder Vitalik Buterin acquired more USD Coin (USDC) at the maximum height of the panic surrounding the backing of the stablecoin.

On March 11 — the day when USDC fell to a low of $0.88 — Buterin acquired more of the stablecoin in five separate trades and not a single USDC token has left his wallets since then, according to Arkham Intelligence data.

When USDC broke, Ethereum co-founder Vitalik Buterin bought - 1
Vitalik’s five recent USDC transactions visualized. | Courtesy of Arkham Intelligence

These transactions added to Ethereum co-founder’s wallets a total of about 400,000 USDC at a steep discount. The first transaction brought in 286,500 USDC at 06:24 when market data indicates USDC was at a 5% discount.

Buterin the followed with two transactions worth 28,700 USDC at 7:30 when the token was at a 7% discount. Other trades followed at 7:32 and 7:33 with the acquisition of a total of 85,166 USDC with a discount that might have been up to 12%.

The highly successful series of trades seemingly resonates with the philosophy of 18th-century British nobleman and member of the Rothschild banking family Baron Rothschild who is often quoted saying “the time to buy is when there’s blood in the streets.”

The man in question made a fortune buying assets wholesale in the midst of the panic that followed the Battle of Waterloo against Napoleon.

If you would like to know what is happening with USDC feel free to watch ClearValue Tax’s video on the topic.

As crypto.news recently reported, USDC lost its $1 peg to the USD, trading to low as 81.5 cents on March 11. Meanwhile, trackers indicate that Circle, the issuer of USDC, has burned $2.34 billion in the last day to meet increasing redemption requests.