Here is how many BTC you could get for 1 CryptoPunk since the beginning of the year:

January: 1.27 BTC

February: 1.18 BTC

March: 0.82 BTC

April: 0.92 BTC

May: 0.81 BTC

Now: 1.08 BTC

ETH floor price moved a bit during this time, but most of the recent move came from the ETH rally from $1,500 USD to $2,500 USD, while floor price was flat or slightly up.

I think that would be the bull case for NFTs in Q2: A bullish ETH price while floor prices are slightly up, so holding NFTs outperforms just holding ETH or staking