21,700 ETH: Faith Test or Emotional KPI?

When the news of Vitalik Buterin selling 21,700 ETH broke out, the community's first reaction wasn't to calculate the ratio but to gauge the panic level. It was as if V God pressed "Sell," and the market automatically entered "crisis mode."
But from a rational perspective, this is more like financial planning. ETH, as a highly volatile asset, requires rebalancing if its proportion becomes too high. Even if you're an Ethereum co-founder, you can't go all-in forever.
Many people worry that this is a "top signal." But the question is, if you really want to precisely time the top, why make transparent transfers? On-chain records in blockchain inherently mean high visibility. Rather than calling it a mysterious code, it's better to see it as open asset flow.
There's a habit in the crypto world: when prices rise, founders selling tokens are called "ecosystem liquidity release"; when prices fall, the same action is called "faith collapse." Narratives shift with market trends, and emotions fluctuate with prices.
What truly influences ETH's long-term trajectory are scaling progress, Layer2 adoption, staking scale, and regulatory environment. 21,700 ETH is just one page of the market story, not the whole book.
Investors should ask not "Did he sell?" but "How is the market absorbing it?" If the capital environment is healthy, this level of selling pressure is just a passing event; if the capital environment is fragile, it's not caused by selling but by structural issues being exposed.
So, this is more like a psychological test. It doesn't test V God but the market's maturity. #Vitalik累计出售2.17万枚ETH