A huge part of the momentum came from a whale move: one wallet dropped more than 2,000 ETH (roughly $7.8 million) to buy 45 CryptoPunks in a single day. The floor price for the collection reacted fast, spiking nearly 16% to 47.5 ETH.
Overall sales volume in NFTs surged too, jumping over 150% in 24 hours to top $41 million, according to tracking data.
“The NFT markets gain momentum from the bullish trend and increased risk-on sentiment, while Ethereum and other altcoins surge as Bitcoin ranges,”
said Nick Ruck of LVRG Research.
He added that veteran NFT collections like CryptoPunks are getting renewed attention as traders bet that the bull cycle has more room to run, and that legacy collections might still be undervalued.
Vincent Liu from Kronos Research pointed out that this kind of deep-pocket buying could mark a rotation back into blue-chip NFTs, saying:
“A whale’s 2,000+ ETH buy into CryptoPunks signals strength in blue-chip NFTs and growing appetite among high-conviction players.”
That said, not everyone is convinced we’re back in full NFT season just yet.
Min Jung of Presto Research commented:
“In the 2021 cycle, we saw a strong NFT season, but since then, the market has remained relatively dormant, even during the recent memecoin craze… this suggests investor appetite is returning, though cautiously.”
Interestingly, the current wave of activity is focused almost entirely on older, well-established collections. New mints aren’t getting much attention, hinting that traders are still playing it safe, and waiting for a clearer trend to emerge.
While crypto markets in general are enjoying a bump, it’s unclear whether this NFT move is a short-lived spike or the beginning of a stronger cycle. But for now, whales are moving and blue-chip JPEGs are back in the spotlight.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
