Data Analysis: ETH Liquidity Spillover, Ethereum NFT Sector Rebounds
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Data Analysis: ETH Liquidity Spillover, Ethereum NFT Sector Rebounds
Ethereum's liquidity spills over—trapped NFTs may finally get relief.
Navigating Web3 tides with focused insightsAuthor: Shaofaye123, Foresight News
Recently, the NFT trading platform Blur has seen consecutive weekly gains, with a monthly increase of nearly 80%. The NFT sector has shown unusual activity, achieving a monthly token return of 50%. Floor prices of blue-chip NFT collections have rebounded by over 30% within seven days, suggesting a potential recovery trend in the NFT market. However, compared to Ethereum-based NFTs' performance, NFTs on Solana and Bitcoin ecosystems remain lackluster.
This article provides a quick overview of recent Ethereum NFT data and analyzes the reasons behind this rebound.
Ethereum NFT Sector Data Shows Positive Trends
Overall, the NFT sector has performed well recently. According to SoSovalue data, key metrics for the NFT sector have been steadily rising over the past month. The monthly investment return reached approximately 50%, though it still lags behind mainstream narratives such as PayFi, RWA, and AI, which have achieved nearly 100% monthly returns during the current market cycle.
Image source: https://sosovalue.com/zh/assets/cryptoindex/NFT
CryptoSlam data also indicates a rebound in overall NFT sales volume. In October this year, total NFT trading volume began to grow, breaking a seven-month streak of declining monthly sales. It reached $356 million, an 18% increase from the previous month. Additionally, the number of NFT transactions gradually increased, reaching 7.2 million in October, up 42% from 5 million in September. In November, NFT sales surged again, growing 57.8% month-on-month to exceed $562 million. Ethereum network sales exceeded $216 million, a 12% increase from October.
Image source: https://www.cryptoslam.io/nftglobal?timeFrame=month&headerPeriod=30d
CryptoPunks led the market surge, recording over $49 million in sales volume in the past 30 days, a nearly 400% increase month-on-month. Furthermore, according to Blur data, floor prices of major blue-chip NFT collections rose more than 30% within seven days. Specifically, Bored Ape Yacht Club’s floor price increased by 72% over seven days, Pudgy Penguins’ floor price rose by 29%, and Mutant Ape Yacht Club’s floor price jumped by 97%.
While ETH-based NFTs show signs of recovery, Solana NFTs continue to underperform. CryptoSlam data shows that the CryptoSlam ETH NFT Composite Index, which measures the performance of the ETH NFT market, has rebounded nearly 40% over the past three months. In contrast, the Solana NFT Index has remained almost flat over the same period and is down 48% year-to-date. Solana NFT infrastructure tokens like TNSR and MPLX have also not seen significant price increases.
Image source: https://www.cryptoslam.io/indexes/cseth
Ethereum Recovery Drives Liquidity Spillover
Since the approval of Ethereum ETFs, ongoing market speculation has continued alongside rising net inflows into ETFs, leading to a gradual recovery across the broader Ethereum ecosystem. According to SoSovalue data, both the number of days and the amount of net inflow into the Ethereum ecosystem have been increasing. ETH's price has followed suit, rising 45% over the past month—from around $2,500 to $3,700. Re-staking projects like Puffer doubled in value over the past week, while EIGEN gained 30% in the same period.
Image source: https://sosovalue.com/zh/assets/etf/Total_Crypto_ETH_ETF_Fund_Flow?page=usETH
Beyond exchange-traded asset appreciation, on-chain liquidity is also gradually expanding. The Block data shows that Ethereum's monthly on-chain transaction volume has been steadily increasing over the past three months, reaching a yearly high of $183.7 billion in November.
Image source: https://www.theblock.co/data/on-chain-metrics/ethereum/ethereums-adjusted-on-chain-volume-monthly
In addition to Ethereum's recovery and liquidity spillover, overall NFT prices remain at historically low levels. Long-term NFT holders may be less inclined to sell early in a market upturn, indicating potential upside from supply and circulation perspectives. Moreover, upcoming events such as ME TGE and notable moves like Vitalik Buterin purchasing NFTs on Truemarkets’ prediction market have drawn considerable market attention.
However, sustaining a renewed rise in the NFT market cannot rely solely on short-term liquidity spillovers. Sustained growth will require further innovation, better alignment with user needs, and real-world application use cases to drive long-term success.
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