Market Interpretation: Half is flame and half is seawater

(Echoo Research is a new independent brand established by the NFTGo team, with the data support of NFTGo and the research support of NFTGo Research, focusing on producing paid-level content for NFT enthusiasts)

Market interpretation

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Total Cryptocurrency Market Cap (Source: coinmarketcap.com)

The total market value of the crypto market ushered in a short-term rebound . The total market value rose by more than 10%, of which BTC prices rose by up to 20% and ETH by up to 25%. In contrast, the total market value of the NFT market has not changed significantly , and in Another 40% drop in total trading volume.

Compared with the short-term hotness of the traditional encryption market , the NFT market is still in a cold state.

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Weekly NFT Market Volume (Source: echoo.substack.com)

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Solana NFT Market Volume (Source: echoo.substack.com)

On September 7, as the price of ETH fell, the transaction volume of ETH NFT accelerated , but then when the price of ETH rebounded, the transaction volume of NFT did not rebound with ETH, which once again proved that people are more keen to Funds are invested in traditional crypto markets .

However, the trading volume of Solana NFT has increased significantly this week , which is attributed to the sale of y00ts. Even in a bear market, every move of blue-chip projects still strongly affects the market.

We should pay attention to the “market rebound brought about by blue-chip NFTs “, which may be one of the reasons for the start of the next wave of NFT trading.

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Weekly NFT Market Traders (Source: echoo.substack.com)

The number of people participating in transactions this week suddenly dropped by 69% compared with last week. This cliff-like decline has verified our long-term conjecture that fewer people are participating in NFT transactions, and most people are more inclined to “sell” and cause With the phenomenon of “stampede” , the trend of people withdrawing from the NFT market and turning to the traditional encryption market is more obvious.

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Blue Chip Index (Source: echoo.substack.com)

The entire collection of blue-chip NFTs is already at a historically low price , but it has not ushered in a strong rebound. The market is like a backwater, and there is no momentum in both falling and rising .

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Weekly Trend On The Net Value Of Whale Capital (Source: echoo.substack.com)

From the perspective of capital data, this week’s giant whales have “left the market”, which is also like what we have emphasized many times: the current NFT market is mostly retail investors trading , and the impact of giant whales is very weak.

Exponential Signal

Note: The trading volume of the market has been sluggish recently, and the trading risk is high. It is not recommended to operate at this time. Echoo Research only provides data and interpretation for reference.

1. The NFT that the giant whale bought last week

The following table shows the top 15 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.)

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NFTs Bought By Whales In The 37th Week

2. Blue-chip NFT buy and sell signals

The recent price drop has been more obvious, and some blue-chip NFTs have entered the buying price range again, triggering a short-term buy signal.

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Buy-Sell Signals Of Blue Chip NFTs In The 37th Week

3. The SMA trend of blue-chip cooperation

Short-term: The recent trend has destroyed the long-term stability, there is a further downward trend,

Long-term: The entanglement of short, medium and long-term trend lines, the form is not clear, keep watching.

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SMA Trend Of Blue Chip NFTs In The 37th Week

Top NFTs this week

RENGA  https://twitter.com/RENGA_inc 

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REGA A handcrafted collection of 10,000 pieces created by artist DirtyRobot. Each of them has their own identity in the story, and the style of painting emphasizes the combination of storytelling and artistry.

This NFT series has achieved better performance in the market this week.

During the period from 9.7 to 9.11, the floor price of REGA has been stable at 0.27ETH, and then several giant whales bought at high prices, such as boreslice eth buying #6607 with 1ETH. On 9.12, the trading volume soared, and the floor price rose to 0.59ETH. The current floor price is 0.72ETH, and 20% of the holders are blue-chip holders.

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REGA Price Trend (Source:nftgo.io)

Research Alpha

Tip: The current market participation in NFT is extremely risky, and Research Alpha is only a supplementary introduction.

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Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/market-interpretation-half-is-flame-and-half-is-seawater/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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