In the early morning of Aug. 21, Ethereum (ETH) co-founder Vitalik Buterin sent 600 ETH, equivalent to over $1 million, to a Coinbase deposit address.

While some may ask themselves if this indicates Buterin jumping ship, a deeper look into his wallets shows this is not true.

This transfer towards Coinbase follows a transaction processed two days earlier that increased his ETH balance by 1,000 ETH. It means that despite his transfer to Coinbase, his Ethereum holdings still increased compared to just a couple of days earlier.

The choice of exchange is unsurprising, given that data clearly shows he prefers Coinbase over other exchanges.

Moreover, Buterin’s publicly-known wallets currently hold a total of over 248,000 ETH — a number that increased by nearly 713 ETH compared to the beginning of August despite the value of those holdings falling.

His Ethereum holdings are also worth nearly $415 million, while the second most valuable asset on those wallets is Maker (MKR), worth only $544,000 or about $0.131 of his ETH holdings.

In conclusion, while Buterin has moved a significant amount of ETH to Coinbase with the likely intention to sell it for fiat, this amount pales compared to his total Ethereum exposure.