Illuvium Land Sale Garners $72M. BTC NUPL Approaches Pre-Capitulation Levels.
Illuvium Land Sale Garners $72M
The recent up-and-coming Illuvium is an Ethereum-based “play and earn” game. Despite the current generally bearish market sentiment in the NFT space, the game recently successfully completed its first NFT digital land sale on Immutable X, with sales exceeding $72 million. The sale, which began on Thursday, saw nearly 20,000 pieces of digital land sold as NFTs to investors and potential players. Buyers will profit from their land holdings by earning various in-game benefits. According to the creator’s tweet, a portion of the proceeds will be redistributed to investors who staked ILV, Illuvium’s native token.
Monday’s relief rally in the main cryptocurrency market was short-lived. Sentiment took a nosedive in early Asian trading Tuesday as BTC dipped below psychological support at $30,000. At the time of writing, the largest cryptocurrency by market cap has lost 5% of its value in the past 24 hours and is consolidating above $29,500. With the exponentially smoothed moving average (MACD) gaining pace in bearish territory, if BTC fails a test of $30,000, it could fall further and test support in the $27,200-$28,500 range.
On-chain metrics show that a cloud of fear and uncertainty still hangs over the cryptocurrency market. The Net Unrealized Profit and Loss (NUPL) metric displays the unrealized profit and loss in the network as a percentage of market capitalization and can be used to gauge market pain thresholds and potential bottoms. Since early May, unresolved net profit and loss has fluctuated in a range of 18.6% to 25%, a level comparable to previous pre-capital sell-off phases of bear market cycles. Despite the recent troubling news and volatility in market sentiment, capital continues to pour into the BTC sector, with $126 million flowing into BTC investment products last week alone.
Similar to BTC, ETH is currently trading below $1,800 after plunging 6% over the same period. The major non-mainstream tokens also basically turned from rising to falling. The currencies that rose sharply on Monday not only gave up the gains of the previous day, but even fell further.
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April 24, 2024
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