Ethereum founder Vitalik Buterin has sold Maker (MKR) for the first time in two years. All of this fund bought ETH.
Buterin, selling MKR, raised 350 ETH from the market
According to The Data Nerd’s report, Ethereum founder Vitalik Buterin recently sold 500 MKR through CoWSwap. He bought 350 ETH with all of the $ 581,000 he got from here. He then transferred the ETH reserve back to the starting address.
This transaction marks the first time Buterin has sold MKR in two years with his wallet named 0x3f6. MKR price is trading slightly lower at $1,151.94 during the sell-off.
Ethereum whales are also getting active again
Reporting another eye-catching transaction, Lookonchain found that an Ethereum whale had withdrawn 9,400 ETH from OKX in the past hours. Whale has drawn a total of 32,000 ETH since the market crashed on August 18.
https://twitter.com/lookonchain/status/16978414151056486688
NFTs are having a hard time as Ethereum price recovers
On-chain reports revealed that monthly sales of NFTs minted on Ethereum hit an impressive peak of $659.02 million in February, followed by the next decline.
At the end of August, the sales volume of this NFT category on OpenSea reached $106.12 million, the lowest monthly volume since May 2021. This also represented an 84% decrease from the February peak.
The steady decline in sales volume of Ethereum-based NFTs was a result of declining interest in profile picture NFTs (PFPs) and OpenSea losing market share against Blur. The data revealed that the market value of popular PFP NFT projects reached $5 billion in February 2023. As the overall NFT market declined, so did interest in this asset category. Its market cap was currently $2.2 billion, down more than 50% from its peak.
The USD market cap of these top PFP projects peaked at $5b this year.
It's now $2.2b, down 56% ($2.8b) from the Feb peak. pic.twitter.com/6aaUvyXTT0
— NFTstats.eth (@punk9059) August 29, 2023
How about ETH price?
After an impressive rally on August 29, Ethereum struggled to hold above $1700. The rise came after Grayscale’s victory over the SEC, but the burnout of buyers was evident. cryptocoin.comThe Grayscale victory, which we refer to as “BTC,” led to strong gains in the entire market, including BTC.
After the peak move, Ethereum is trading again in the $1,650 region, accompanied by bears dominance. On the upside, the bulls will gain an advantage if ETH rises above $1,745. If so, the next target will be $1800.
Meanwhile, the RSI turned bearish after breaking above the 50 level. This indicates that the buying pressure has eased. Also, OBV has been at low levels since mid-August, indicating a decline in demand over the same period.
