Opensea is destroying Ethereum pricing
Opensea is on fire right now. NFTs are super hot and Opensea is raking in the cash from their percentage fees. They are taking all that Ethereum that they earn and they are depositing it into Coinbase. That is returning a lot of Eth that was stored in wallets and bringing it back to the centralized exchange network. Can you imagine how big the OpenSea sell orders must be? I am sure they need to convert to US dollars to run their office and pay their people and bills.
With all the new Ethereum entering the exchanges it is putting downward pressure on the price.