Market trends this week
Weekly NFT Market Volume
In the past two weeks, the crypto market has ushered in an overall decline. The price of BTC fell from $25,000 to $19,500, a drop of 20%, and ETH also fell from 2,000 to 1,400, a drop of nearly 30%.
Compared with the traditional encryption market, the NFT market has not improved. This week’s NFT transaction volume fell by 9% compared with last week, reaching the lowest range this year. We are not sure whether it is the bottom of the NFT market, but it is certain that “now is the most inactive period of the NFT market this year”.
From a larger time span, the trading volume of the entire NFT market is still hovering in a lower range, and there is no sign of a strong rebound.
(Let’s quickly review this bear market, the trend of lower NFT trading volume has continued for 15 weeks since May this year, and we are still waiting for a stronger reversal signal)
Weekly NFT Market Traders (Source: echoo.substack.com)
The number of people who participated in transactions this week did not change much compared to last week. The market drop did not cause an increase in the number of “buy the bottom” people. On the contrary, the net value difference between buying and selling showed a trend of widening, and the range of the total number of people trading began to gradually converge, which proves that the market has Fewer people are involved in trading, and most traders are in a “wait and see” attitude.
Secondly, there are 1.2 times more sellers than buyers, which proves that most of the current market is more inclined to “sell”.
Blue Chip Index (Source: echoo.substack.com)
After the blue-chip NFT index fell for 5 consecutive weeks, it was temporarily “supported” near the lowest value this year. At the same time, we also saw that most blue-chip prices have rebounded significantly.
The suggestions and buy signals we gave last week have been successfully verified. In addition, recently popular NFTs such as DigiDaigaku, Pudgy Penguins, etc., Echoo also gave signals in advance in weekly reports.
It is worth noting that the current rebound strength is smaller than 25 weeks, and there is a trend of flattening, coupled with the overall market downturn, if you want to invest in NFT for a long time, you need to be patient and wait for a stronger rebound signal to appear. .
Weekly Trend On The Net Value Of Whale Capital (Source: echoo.substack.com)
This week, the giant whales inflowed funds but turned negative again, and the volatility became smaller and smaller, and most of the giant whales were “exiting”.
Although the behavior of giant whales is more advanced than the NFT market, when the overall transaction volume of the market is currently sluggish, the overall liquidity scale of giant whales is still low, which means that giant whales are more inclined to participate in NFT investment with small capital scales.
This is also like what we have emphasized many times: the current NFT market is very weakly affected by giant whales, and more retail investors are leading the transaction.
1. The NFT that the giant whale bought last week
The following table shows the top 20 NFTs purchased by giant whales. The detailed purchase quantity and average cost are as follows:
(Affected by individual extreme transactions, some values will be affected and are for investment reference only.)
NFTs Bought By Whales In The 35th Week
2. Blue-chip NFT buy and sell signals
The indicators provided by Echoo Research in this issue are blue-chip NFT buying and selling signals, which have certain reference for buying and selling behavior.
Buy-Sell Signals Of Blue Chip NFTs In The 35th Week
Most of the blue-chip prices triggered a buy signal last week, and after the rebound, most blue-chip NFT prices fluctuated less, and a signal of “no action” appeared.
RSI Strategy: A buy and sell signal designed according to the relative strength and weakness of RSI’s buying and selling.
Simple method of use: the buy signal is below the fluctuation range, and the sell signal is above the fluctuation range. The greater the deviation, the stronger the signal.
3. The SMA trend of blue-chip cooperation
The recent trend of blue-chip NFT showed signs of rebound, breaking the continuous downward trend, but the rebound was not strong enough to break through SMA (20).
SMA Trend Of Blue Chip NFTs In The 35th Week
This indicator integrates the market value of blue-chip NFTs and calculates using the moving average to reflect the trend of the NFT market.
SMA: Reflects the trend of short periods over long periods.
Simple usage: When the short-period line crosses the long-period line from below, it is a buy signal, and when the short-period line crosses the long-period line from above, it is a sell signal.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/data-analysis-currently-the-most-inactive-nft-moment-this-year/
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