The NFT market has been buzzing with activity. On Sunday, the daily Ethereum NFT trading volume reached the second highest level of the year. This surge in volume has led to a significant increase in the floor prices of many NFT collections. For example, the floor price of the blue-chip Azuki NFT collection climbed from 4.77 ETH to 6.24 ETH in just one day. Similarly, the Bored Ape Yacht Club and CryptoPunks collections have also seen notable increases in their floor prices.
The surge in floor prices is often accompanied by high trading volumes. For instance, the Azuki NFT collection recorded a trading sales volume of 1309 ETH, equivalent to $4.8 million, in just 24 hours, Collaborations with mainstream brands can also boost NFT floor prices. For example, McDonald’s partnership with Doodles NFTs led to a significant increase in the Doodles NFT floor price.
The Doodles NFT market has been considerably changed by this cooperation. According to NFT Price Floor, with a 24-hour trading volume of 275.05 ETH across 106 sales, the Doodles collection’s floor price as of November 22, 2024, is roughly 2.75 ETH. The floor price has risen remarkably 27.97% over the last 24 hours.
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Furthermore, 4,220 individual holders own the collection, with a combined market worth of almost 28,990 ETH, or $89.86 million. The campaign has not only raised Doodles’ profile but also drawn fresh interest in NFTs as a whole, therefore proving their increasing attraction in mainstream consumer culture.
However, the total market cap of meme coins has crossed $125 billion, setting a new all-time high. The total multi-chain monthly DEX volume set a new all-time high of $372 billion in November, with Base and Solana each setting monthly records, Ethereum ETFs recorded $467 million of net weekly inflows, while Bitcoin ETFs saw $138 million of outflows, breaking a 7-week inflow streak.
Ethereum ETFs have seen a significant surge, recording $467 million in net weekly inflows. This highlights a growing interest in Ethereum as an investment asset. On the other hand, Bitcoin ETFs experienced $138 million in outflows, breaking a seven-week streak of inflows. This shift in investor sentiment is quite notable in the cryptocurrency market.
Since Ethereum spot ETFs were approved by the SEC in July 2024, the crypto’s price has lagged behind Bitcoin’s and the wider crypto market despite the industry’s clamor for approval. Ethereum’s price fell roughly 32% in the first 15 days after approval compared to Bitcoin’s which fell only 15.02% within the same period after the Bitcoin ETF approval in January 2024.
Spot Ethereum ETFs experienced an impressive weekly net inflow of $467 million, underscoring heightened interest from institutional and retail investors. The BlackRock Ethereum ETF (ETHA) alone recorded a substantial weekly inflow of $300 million, followed by Fidelity Ethereum ETF (FETH) with $120 million.
The Future Finance Report – Future Finance Report 2024 – Institutional crypto market- from Sygnum Digital Bank, which measures market sentiments and the behaviors of professional and institutional investors, showed that 90% of the 405 traditional investors surveyed were currently invested in blockchain protocol coins (which are largely Layer 1 coins). The report also showed that 31% of the respondents who already hold crypto planned on increasing their allocation in Q4-2024 while 32% planned to increase their portfolio in the next six months.
