After a long period of darkness in the NFT market, it has recently stirred up waves again. Data shows that last week, the overall NFT trading volume exceeded $140 million, setting a new high since the beginning of this year, with Ethereum performing the best. At the same time, large purchases of CryptoPunks by major holders have sparked market discussions. Is this recovery a short-term rebound or a precursor to a new NFT bull market?
NFT market trading volume reaches a six-month high, with Ethereum being the most active.
After several months of sluggishness, the NFT market has welcomed a long-awaited highlight. Data from The Block shows that the total NFT trading volume across all chains reached $143.5 million in the past week, returning to the levels seen in January of this year.
Among them, Ethereum's weekly trading volume of $75 million ranks first, accounting for more than half of the market share, a dramatic increase of over 300% compared to just $18.3 million two weeks ago. At the same time, Bitcoin NFTs also rose from $11 million to $25.6 million, showing signs of recovery.
Data from NFTGO clearly shows that the overall market has seen significant increases in floor price, 24-hour trading volume, and transaction volume, with projects like CryptoPunks, Squiggle, and Moonbirds performing exceptionally well.
The surge in ETH has driven the NFT market's recovery, with large holders of CryptoPunks making purchases.
The warming of the NFT market is closely related to the recent rise in ETH prices. Since early July, the price of ETH has risen nearly 50%. The price recovery has also prompted the NFT market to become active again. Yesterday, a new wallet belonging to a whale bought 45 CryptoPunks in one go, spending 2,082 ETH (approximately $5.87 million).
(The End of the Art Journey: The Legendary NFT CryptoPunks Changes Hands to the NODE Foundation)
This move not only raised the floor price of CryptoPunks to 46 ETH (approximately $175,000) but also drew market attention, prompting figures like Garga.eth, co-founder of Yuga Labs, and Yano, co-founder of Blockworks, to get involved in the recent hot topic of NFT treasury companies.
the world isn’t ready for NFT treasury companies but they are coming anyway pic.twitter.com/8JlaZBoQSR
— Garga.eth (Greg Solano) (@CryptoGarga) July 20, 2025
Blue Chips Regain Stability: Yuga Labs Restructures Strategy, PENGU Actively Markets IP
Changes in the NFT space are not only reflected in the data; major blue-chip projects are also undergoing strategic adjustments. Yuga Labs, the parent company of Bored Ape Yacht Club (BAYC), has recently sold the IP ownership of its Moonbirds, Meebits, and CryptoPunks, shifting focus to the development of its own metaverse platform, Otherside, symbolizing a reallocation of resources.
(Yuga Labs Auction: Moonbirds Changes Hands to New Ventures, Refocusing on BAYC and Otherside)
On the other hand, the recently popular Pudgy Penguins have not only invested heavily in marketing exposure but their official token PENGU has also submitted an ETF application to the SEC via Canary Capital. If successfully approved, it will become one of the first fund products linked directly to the NFT ecosystem.
(Pudgy Penguins Becomes a Favorite Avatar for Crypto Enterprises, VanEck Explains Why It's Not BAYC: Not Discussing Web3 Is Key)
Is the bubble rebound or the starting point of a new NFT cycle?
Although the trading volume of the NFT market still shows a sluggish trend of -50.9% over the past year, recent signals such as the outflow of ETH funds, data recovery, and project strategy adjustments indeed show potential for market recovery. Whether this rebound is a short-term hot money effect or a new starting point for an NFT bull market is worth continued attention.
This article about NFT treasury companies? Market trading volume tripled to a new high, and major holders bought millions of dollars’ worth of CryptoPunks first appeared in Chain News ABMedia.
