Will blue-chip NFTs continue to decline after the giant whale leaves?
Current situation: The trading volume of the NFT market remains sluggish, with no signs of a strong rebound.Author: Echoo Research
Market Trends This Week
Weekly NFT Market Volume (Source: echoo.substack.com)
Oracle Gas Prices (Source: etherscan.io)
This week, the total NFT trading volume decreased by another 6% compared to last week. Although gas prices have reached their lowest range this year, it has not sparked people's desire to buy and sell. Current situation: The trading volume in the NFT market remains sluggish, with no signs of a strong rebound.
(Since May of this year, the downward trend in NFT trading volume has continued for 16 weeks, and we are still closely monitoring for reversal signals.)
Weekly NFT Market Traders (Source: echoo.substack.com)
The number of participants in trading decreased by 3% compared to last week, with fluctuations in numbers becoming smaller. The number of participants in trading is decreasing, and most traders are in a "wait-and-see" attitude. Meanwhile, the gap between buyers and sellers is the largest this year (with sellers far outnumbering buyers), which proves that most people in the current market prefer to "sell".
Blue Chip Index (Source: echoo.substack.com)
After five consecutive weeks of decline, the blue chip NFT index found temporary "support" near this year's lowest value. At the same time, the "weak rebound, with a tendency to flatten" mentioned last week was confirmed this week.
The entire blue chip NFT collection is at a historical price low, but there has not been a strong rebound. Coupled with the overall market downturn, this is a very dangerous signal.
Weekly Trend On The Net Value Of Whale Capital (Source: echoo.substack.com)
This week, whales withdrew $105,685 from the NFT market, marking the week closest to zero this year in terms of trends. This indicates that most whales have "exited" this week. As we have emphasized multiple times: the current NFT market is mostly retail traders, with very little influence from whales.
Index Signals
1. NFTs Bought by Whales Last Week
The table below lists the top 20 NFTs purchased by whales, with detailed purchase quantities and average costs as follows:
(Individual extreme trades may affect some values, for investment reference only.)
NFTs Bought By Whales In The 36th Week
2. Buy-Sell Signals of Blue Chip NFTs
This issue of Echoo Research provides indicators for buy-sell signals of blue chip NFTs, which have certain reference value for trading behavior.
Recent price fluctuations have begun to decrease, causing the signals for the vast majority of blue chip NFTs to indicate a "pending" strategy, but there are still some short-term trading opportunities.
Buy-Sell Signals Of Blue Chip NFTs In The 36th Week
Indicator Explanation
RSI Strategy: A buy-sell signal designed based on the relative strength characteristics of RSI.
Simple usage method: A buy signal is indicated below the fluctuation range, and a sell signal is indicated above the fluctuation range; the greater the deviation, the stronger the signal.
3. SMA Trend of Blue Chip Collections
The weak rebound has caused entanglement of short, medium, and long-term trend lines, making the situation unclear; continuous observation is maintained.
SMA Trend Of Blue Chip NFTs In The 36th Week
Indicator Explanation
This indicator integrates the market capitalization of blue chip NFTs and uses moving averages for calculation to reflect the trend of the NFT market.
SMA: Reflects the trend of short cycles versus long cycles.
Simple usage method: A buy signal is indicated when the short cycle line crosses above the long cycle line from below, and a sell signal is indicated when the short cycle line crosses below the long cycle line from above.
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Complete content on Alpha, whale behaviors, etc.:
