Ethereum Pullback Slashes Blue-Chip NFT Floor Prices
Ethereum pullback from $4,946 to $4,342 has slashed blue-chip NFT floor prices across top collections. According to DefiLlama, floor prices dropped by double digits last week as Ethereum pullback fueled market volatility. Pudgy Penguins led the slump with a 17.3% fall to 10.32 ETH. Bored Ape Yacht Club and Doodles fell 14.7% and 18.9% to 9.59 ETH and 0.73 ETH, while Moonbirds and Lil Pudgys declined 10.5% and 14.6%. CryptoPunks weathered the pullback, down only 1.35%. Trading volume remains robust, with 2,112 ETH for Pudgy Penguins, 1,979 ETH for Moonbirds, 1,879 ETH for CryptoPunks, and 809 ETH for BAYC. Overall, the NFT market cap slid nearly 5% from its $9.3 billion peak on August 13 to $7.7 billion by August 18. This trend highlights the tight link between Ethereum price swings and NFT market dynamics, signaling caution for traders.
Bearish
This slip in blue-chip NFT floor prices reflects a bearish stance as the Ethereum pullback erodes market confidence. In the short term, double-digit declines in leading collections may trigger further sell-offs and deter buyers. However, sustained trading volumes suggest underlying demand that could stabilize floors if Ethereum recovers. Over the long term, NFT valuations remain tied to Ethereum’s price trajectory; a prolonged bear phase for ETH would likely keep NFT prices under pressure. Traders should monitor Ethereum’s support levels and NFT trading volumes for signs of a market turnaround.