Maker

Flow

2024

Galaxy

Impact

BlockTower Capital sold 1,815 Maker (MKR) tokens for $2.48 million. In this transaction, AVALON traded 653,000 EIGEN tokens for $2,385,000, which Galaxy Digital completed. This has significantly affected MKR price. 
This methodical reallocation of asset profiles by one of the leading market participants explains the volatility in the cryptocurrency market. As well as the swift changes that can happen with the players, given the increasing traction the market is receiving. 
To reiterate, the specifications of the transaction are as interesting as the transaction itself. When BlockTower Capital transferred a lot of MKR to Galaxy Digital or received EIGEN tokens from Wintermute shortly after, they likely wanted to adjust their kinds of assets depending on new conditions in the market. 
<h2 class="wp-block-heading" id="h-impact-on-mkr-price">Impact on MKR Price</h2> 
Since this large trade, the&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/28/maker-mkr-price-faces-short-term-pressure-can-it-rebound/">Marker (MKR)</a>&nbsp;has especially experienced a dip but is now attempting to recover. 
The timing of the transaction looks quite sensitive since it coincides with generally bearish market sentiment, which causes the price level to fluctuate and fail to regain stability amid sell signals. 
The latest trading information shows that the MKR price is $1,347.67, which is marginally above the intraday low but still under significant bear pressure. 
The technical indicators for Maker (MKR) show some bearishness. At the moment, the token’s price oscillates within a descending channel. 
The most recent price action demonstrates MKR price oscillating just above the lower boundaries of the channel. It is a clear sign of support can be given near $1,334.64. This support may arrest the downtrend. However, if the selling pressure continues anew, these levels may be broken, and fresh lows may be marked. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="530" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-1-1024x530.png" alt="4-hour MKR/USD Chart | Source:&nbsp;TradingView" class="wp-image-770280" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-1-1024x530.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-1-300x155.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-1-768x397.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-1-1536x795.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-1-150x78.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-1-696x360.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-1-1068x553.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/10/image-4-1.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 4-hour MKR/USD Chart | Source:&nbsp;TradingView
 </figcaption>
</figure> 
The Money Flow Index, widely used to measure money flow into and out of an asset, is currently at 5.49, below the standard oversold level of 20. This could mean that MKR is, in fact, understated, which could open the door to new investments during dips, mostly during bear market trends. 
<h2 class="wp-block-heading" id="h-market-reactions-and-trading-volumes">Market Reactions and Trading Volumes</h2> 
This activity of whales has been met with high awareness. Or better still, by the market players, mainly through increased trading activity volumes as players await developments on this front. Such large transactions induce volatility into the market as they try to factor in the flow of capital. 
As for&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/maker/">MKR token</a>, the trading volume remains much higher compared to the 24 hours before the news about the transaction. This indicates the active trading after such an event. 
With the dynamic cryptocurrency market, BlockTower Capital is among the many keenly observed bearing the brunt for rational market indications. This particular interaction between MKR and EIGEN might warm up the playing field for future strategic moves for the other whales or institutions. 
While such trades can benefit the financial industry and gain makers, investors and market analysts need to understand their repercussions for future movements of the crypto markets.&nbsp; 
<a href="https://www.thecoinrepublic.com/2024/05/22/whales-optimistic-wallets-increase-for-maker-mkr-dao/">MKR’s</a>&nbsp;future will be deemed to be about the conduct of the rest of the global market players, including individual shareholders, fund managers, and other companies that invest in such markets and respond to signals inherent in the international markets. 
The post <a href="https://www.thecoinrepublic.com/2024/10/11/whales-offloading-maker-as-mkr-price-struggles/">Whales Offloading Maker As MKR Price Struggles</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Whales Offloading Maker As MKR Price Struggles

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