A cryptocurrency wallet linked to Ethereum co-founder Vitalik Buterin recently sent 400 ETH, valued at around $600,000, to the exchange Coinbase.

According to blockchain analysis, Buterin has made several large ETH transactions over the past week totaling over $3.9 million. The 400 ETH sent to Coinbase is estimated to be worth $632,000 based on current prices.

This Coinbase transfer is just the latest in a series of deposits Buterin has made to major cryptocurrency exchanges like Kraken, Bitstamp, and Paxos. Between September 15th to 19th, he deposited 321 ETH to Kraken. On the 17th and 20th, he sent 1,700 ETH to Bitstamp. And on the 19th, 500 ETH went to Paxos.

Blockchain data shows that 2,000 ETH, worth nearly $5 million, was also moved to the 1 Buterin wallet from another wallet long known to be controlled by him.

Experts speculate Buterin may be liquidating his ETH holdings and depositing funds to exchanges in preparation for the upcoming Ethereum merge. But the reasons behind these large transfers remain uncertain.

In summary, blockchain trackers have noticed a flurry of activity as Buterin moves ETH around, primarily by sending large amounts to major exchanges. Over $3.9 million worth of ETH has been deposited in the past week alone.