Blue-chip NFTs collectively strengthen: A signal of recovery or short-term excitement?
The NFT market has recently shown a long-awaited warmth, with the total market cap soaring 23.3% in 24 hours to $6.417 billion, and trading volume surging 318.3% to surpass $40 million, with top projects performing particularly well.
CryptoPunks saw a giant whale purchase 76 pieces in 5 hours, marking the largest transaction since 2021, with the floor price rising to 47.5 ETH, a 24-hour increase of 15.9%; Moonbirds benefited from the heightened interaction with OpenSea, climbing 33.3%; Pudgy Penguins gained external traffic due to exposure in a TV show, with an increase of 13.8%.
The logic behind this rebound is clear: ETH's strong rebound has led to a spillover of funds within the ecosystem, coupled with an increase in the concentration of chips after the market has experienced a long-term washout. However, two points should be noted: first, current funds are still limited to top Ethereum projects, indicating that market confidence has not fully spread; second, after the consensus disintegrated during historical lows, the willingness of retail investors to follow up is in doubt.
Institutional entry signals have emerged, with some whales and veteran players beginning to position themselves, but whether the NFT track can truly break out of its cycle still needs to observe the sustainability of ETH's trend and the pace of new funds entering the market, with a short-term possibility of continuing structural market conditions.
