Ethereum founder Vitalik Buterin 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 a report by The Data Nerd, Ethereum founder Vitalik Buterin sold 500 MKR via CoWSwap in the past hours. He bought 350 ETH with the entire $581,000 he earned from here. He then transferred the ETH reserve back to the starting address.
This transaction means Buterin sold MKR for the first time in two years with his wallet named 0x3f6. MKR price is trading at $1,151.94 with a slight decline during the sell-off.
Ethereum whales are also becoming active again
Reporting another eye-catching transaction, Lookonchain found that an Ethereum whale had withdrawn 9,400 ETH from OKX in the past hours. The whale has withdrawn a total of 32,000 ETH since the market crash on August 18.
The whale withdrew 9,400 $ETH ($15.3M) from #OKX again 3 hours ago.
And the whale has withdrawn a total of 32K $ETH ($52.3M) from #OKX since the market drop on Aug 18.https://t.co/mSlXlpb4mR pic.twitter.com/gy3ZWbB6HW
— Lookonchain (@lookonchain) September 2, 2023
While Ethereum price is on the rebound, NFTs are having a hard time
On-chain reports have revealed that the market’s 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, sales volume for this NFT category on OpenSea reached $106.12 million, the lowest monthly volume since May 2021. This also represented an 84% decline from the peak in February.
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 to Blur. Data revealed that the market value of popular PFP NFT projects reached $5 billion in February 2023. As the overall NFT market has declined, so has interest in this asset category. Its market cap was currently $2.2 billion, down over 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
What is the price of ETH?
After an impressive rally on August 29, Ethereum struggled to hold above $1700. The rise followed Grayscale’s victory against the SEC, but buyer burnout was evident. The Grayscale victory, which we reported as Kriptokoin.com, led to strong gains in the entire market, including BTC.
After the peak movement, Ethereum is trading back to the $1,650 region, accompanied by the dominance of the bears. On the upside, the bulls will gain an advantage if ETH breaks above $1,745. If so, the next target will be $1800.
Meanwhile, the RSI declined after breaking above the 50 level. This indicates that purchasing pressure has eased. Also, OBV has been at low levels since mid-August, indicating a decline in demand over the same period.
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