Vitalik Buterin transferred over $1 million worth of ether to crypto exchange Coinbase on Monday.

Ethereum co-founder Vitalik Buterin deposited 600 ether (ETH), which is around $1 million worth of the cryptocurrency, to crypto exchange Coinbase on Monday, according to data from Ethereum blockchain scanning website, etherscan.

The move comes as ether, the second largest cryptocurrency by market capitalization suffered a 10% decline over the last seven days, amid a broad market downturn which saw traders witness $1 billion in liquidations. Ether has recovered slightly on Monday, trading in the green over the last 24 hours at $1,700.

On Sunday, Buterin repaid 250,000 RAI and withdrew $1.6 million worth of ether, according to on-chain tracker, lookonchain. RAI is a non-pegged stablecoin backed by ETH.

It is not clear why the Ethereum co-founder transferred the ether to centralized exchange Coinbase.