Ethereum's cofounder, Vitalik Buterin, is offloading millions of ether (ETH), adding bearish pressure to an already weak market.

Buterin has sold 1,869 ether, worth $3.67 million, over two days, having withdrawn 3,500 ether from Aave, according to data tracked by blockchain sleuth Lookonchain.

Ether's price has declined nearly 3% over the past 48 hours, hitting a 20-day low of $1,844 at one point early Monday, CoinDesk data shows. The token has been in a downtrend since hitting a high of over $4,900 in August last year.

Since Feb. 2, Buterin has supposedly sold over 8,000 ether. These sales follow a Jan. 30 announcement that he would withdraw and liquidate his 16,384 ether to finance ecosystem development, open-source software and other key initiatives while the Ethereum Foundation enters a "mild austerity" phase.

Still, as of writing, Buterin held over 224,000 ether, worth $429 million, according to Arkham Intelligence.

While Buterin has been trimming his holdings, this supply is being gobbled up by the likes of ShapeShift Founder Erik Voorhees and a whale associated with crypto services provider Matrixport.