OpenSea Trading Volume May Force Ethereum Price Crash, Expert Says

Ethereum’s latest price decrease was fueled by increased altcoin inflows to cryptocurrency exchanges. Experts attribute the drop in Ethereum’s price to direct transfers from the NFT marketplace OpenSea. OpenSea Transaction Volume Dangerous For Ethereum According to Etherscan data, OpenSea has been unloading thousands of ETH on the market in the last few weeks. Similarly, NFT creators on the platform have profited, according to the statistics. The volume of NFT trading on OpenSea continues to climb in January. Since the start of 2022, OpenSea, the largest NFT marketplace, has seen extraordinary NFT sales. According to Dune Analytics, monthly NFT sales on OpenSea currently exceed $4.5 billion. This sum surpasses their previous monthly sales record of $3.5 billion and is expected to rise further. The volume of Ethereum exiting has steadily climbed over the last two weeks. 21,000 Ethereum were directly transferred from OpenSea’s wallet to Coinbase. Related article | OpenSea Transaction Volume Shows That NFTs Are Not Slowing As the selling of NFTs increases, so do royalties and direct transfers from OpenSea. The precipitous rise of the NFT marketplace may enhance Ethereum inflows to exchanges such as Coinbase. As royalties from OpenSea, an extra 35,300 Ethereum were distributed to NFT issuers. Colin Wu, a Chinese journalist and crypto analyst, argues that the surge of Ethereum inflows from OpenSea to Coinbase...