Market Interpretation: Half Fire, Half Sea Water
Compared to the short-lived boom in the traditional cryptocurrency market, the NFT market remains in a cold state.Author: Echoo Research
Echoo Research is a new independent brand established by the NFTGo team, supported by NFTGo's data and NFTGo Research's research, focusing on producing premium content for NFT enthusiasts.
Market Interpretation
Total Cryptocurrency Market Cap (Source: coinmarketcap.com)
The total market cap of cryptocurrencies has seen a brief rebound, with the total market cap increasing by more than 10%, where the price of BTC saw a maximum increase of 20% and ETH rose by 25%. In contrast, the total market cap of the NFT market has not shown significant changes, and the total trading volume has dropped again by 40%.
Compared to the short-term heat of the traditional crypto market, the NFT market remains cold.
Weekly NFT Market Volume (Source: echoo.substack.com)
Solana NFT Market Volume (Source: echoo.substack.com)
On September 7, as the price of ETH fell, the ETH NFT trading volume experienced a sharp decline, but when the price of ETH rebounded, NFT trading volume did not follow suit, further proving that people are currently more eager to invest in the traditional crypto market.
However, the Solana NFT trading volume saw a significant increase this week, attributed to the launch of y00ts. Even in a bear market, the movements of blue-chip projects still strongly influence the market.
We should pay attention to the "market rebound brought by blue-chip NFTs," which may be one of the reasons for the next wave of NFT trading frenzy.
Weekly NFT Market Traders (Source: echoo.substack.com)
This week, the number of participants in trading suddenly dropped by 69% compared to last week. This cliff-like decline confirms our long-held suspicion that the number of people participating in NFT trading is decreasing, with most preferring to "sell," leading to a "stampede" phenomenon, as the trend of people withdrawing from the NFT market into the traditional crypto market becomes more evident.
Blue Chip Index (Source: echoo.substack.com)
The entire blue-chip NFT collection is at a historical price low, but has not seen a strong rebound. The market is like still water, lacking momentum in both declines and increases.
Weekly Trend On The Net Value Of Whale Capital (Source: echoo.substack.com)
From the funding data, this week, whales have "exited", which echoes our repeated emphasis: the current NFT market is largely retail-driven, with minimal influence from whales.
Index Signals
Note: The market's recent trading volume is sluggish, and trading risks are high. It is not recommended to operate at this time; Echoo Research only provides data and interpretations as references.
1. NFTs Bought by Whales Last Week
The table below lists the top 15 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 37th Week
2. Buy-Sell Signals of Blue Chip NFTs
Recent price declines are quite noticeable, and some blue-chip NFTs have re-entered the buying price range, triggering short-term buy signals.
Buy-Sell Signals Of Blue Chip NFTs In The 37th Week
3. SMA Trend of Blue Chip Collections
Short-term: Recent trends have disrupted long-term stability, indicating a further downward trend.
Long-term: The entanglement of short, medium, and long-term trend lines is unclear; observation should be maintained.
SMA Trend Of Blue Chip NFTs In The 37th Week
This Week's Hot NFT
RENGA （ https://twitter.com/RENGA_inc）
RENGA is a handcrafted collection created by artist DirtyRobot, consisting of 10,000 pieces. Each individual has their own identity in the story, with a style that emphasizes the combination of storytelling and artistry.
This NFT series has performed well in the market this week.
During the period from September 7 to September 11, the floor price of RENGA remained stable at 0.27 ETH, followed by a few whales making high-priced purchases, such as boredslice eth buying #6607 for 1 ETH. On September 12, trading volume surged, and the floor price rose to 0.59 ETH, currently the floor price is 0.72 ETH, with 20% of holders being blue-chip holders.
RENGA Price Trend (Source: nftgo.io)
Research Alpha
Tip: The current market participation in NFT new listings carries significant risks; Research Alpha is provided as a supplementary introduction.
For detailed behaviors of whales, see the full content
