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Fresh Green Ordinals

gm Bankless Nation, it was a green week for most high-end NFTs on Ethereum, yet the biggest gains came via the top Ordinals collections on Bitcoin!
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Sep 27, 2024 • 3 min read
Fresh Green Ordinals
Published on Sept. 27, 2024
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NEWS ROUNDUP
Bitcoin NFTs Pump

The floor prices of seemingly all the biggest NFT collections are up on the week, but the most eye-popping gains have come via Bitcoin NFTs.

For example, over the past 7 days, CryptoPunks are up 6.5% and Bored Apes are up 8% on Ethereum. Not bad!

Yet these climbs pale in comparison to the weekly runs that the top Bitcoin Ordinals collections just had. In that span, NodeMonkes are up 57%, Bitcoin Puppets are up 76%, and Runestones are up 73%.

These are pretty incredible short-term surges. So what's behind the positive price action?

There's no fine science to answering this question. My hunch, though, is that the top Bitcoin NFTs were oversold this summer, and momentum is rebounding now that sentiments are getting sunnier in crypto again.

Another factor I suspect may be involved is a rotation from Solana NFTs to Ordinals.

While most of the top Ethereum NFTs are up on the 7-day charts, the biggest Solana NFTs have seen sell pressure in kind. Mad Lads, Claynosaurz, and DeGods are down 10%, 8%, and 26% respectively this week.

Of course, an ecosystem rotation doesn't paint the full picture for why Ordinals projects are up bigly in recent days. Still, the recent downswing around Solana NFTs makes me think some of this action is from NFT traders swinging to the hot hand, Bitcoin.

Gains come and go, so things might look much different here a few weeks from now. Maybe Solana NFTs will be up and Bitcoin NFTs will be down then. But there's no question that the current spotlight is on Ordinals, and they’re capturing the attention of traders looking for the next big opportunity...

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LEARN
What I'm Reading

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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