Here’s a quick summary of what’s happening in the crypto space and what to expect next.
- On-chain gambling on low market capitalization tokens takes a back seat after a volatile week for Bitcoin.
- Macroeconomic events fail to induce directional moves.
- Vitalik Buterin dumps his Maker (MKR) stack worth $580,000.
- Investors expect more downside for Bitcoin.
Crypto’s on-chain summer, which began with the launch of Coinbase’s Layer 2 solution BASE, seems to have slowed down. This can be seen in the chart attached below, which shows a steady decline in new users joining the network. As a result, gambling of on-chain altcoins has also dropped.
BASE new users
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The US PCE and NFP releases last week failed to trigger a sharp move. The two significant reports were underwhelming, which caused Bitcoin prices to hover around $26,000 after the events. However, as time passed, BTC took a sharp nosedive and retested $25,300.
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Bitcoin price tests support at $26,000 with August’s US NFP data exceeding market expectations
Vitalk Buterin has sold $580,000 worth of his MKR holdings after seeing the project “torpedo itself in weird directions.” Long before Buterin offloaded his holdings, whales of MKR were battling each other out. Nearly $14 million worth of MKR moved out of centralized exchanges, as indicated by Santiment’s exchange’s netflow metric. This negative flow of MKR tokens indicates that investors are moving their holdings off exchanges, which effectively reduces the sell-side pressure. But other on-chain metrics suggest a bearish fate for MKR.
Read more:
Maker price risks further decline as whale transactions spike, MKR wipes out recent gains
MKR price falls 5% as Ethereum’s Vitalik Buterin liquidates his entire MakerDAO portfolio
MKR Whales’ holding hits a six-month high as Maker price crashes by 25%
Investors increase their exposure to Bitcoin put options, according to Twitter user HanSolar.eth. They mention that the spike in BTC skews could mean that negative news is incoming.
Skews are up majorly over the weekend. Weird.
— HanSolar.eth (@hansolar21) September 3, 2023
Negative news incoming? pic.twitter.com/eafEXiOtOp
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