- Whale wallet 0x1bb3 bought 45 CryptoPunks for 2,082 ETH, leading to renewed interest in top-tier NFTs.
- NFT market cap jumped from $5.1B to $6.4B in 24 hours, with Ethereum collections leading a 20% daily surge.
- ETH’s 50% price rally to $3,730 coincides with NFT volume spike, a strong recovery from 2024’s downturn.
A newly created crypto wallet has made headlines after acquiring 45 CryptoPunks NFTs in a major sweep. The wallet spent 2,082 ETH, worth approximately $7.79 million, to secure the high value assets in a single day.
According to Onchain Lens, the purchase is one of the largest bulk buys of CryptoPunks in recent months. The move came as there has been a sharp resurgence in the NFT market, following months of stagnation.
NFT Market Increases by 20% in a Day as Ethereum Collections Lead
The transaction occurred on Sunday, the same day the NFT market had a 20% spike in daily market cap. The market value increased from $5.1 billion to $6.4 billion within 24 hours. Ethereum based collections appeared to drive the recovery, with Ethereum NFT volume reaching $75 million over the past week.
This figure sharply rose from just $18.3 million recorded two weeks earlier. CryptoPunks, the largest NFT collection by market cap according to CoinGecko, saw a 15.9% increase in its floor price.
The price climbed from 40.9 ETH to 47.5 ETH, or about $179,000 per NFT. Notably, 83 CryptoPunks were acquired by new holders during that same period, indicating a surge in fresh interest.
Whale Wallet Adds Chromie Squiggle After Major CryptoPunk Buy
Following the CryptoPunks purchase, the same wallet, identified as 0x1bb3, spent an additional 60.5 ETH (about $227,000) on one Chromie Squiggle NFT.
On OpenSea, the wallet now holds assets valued at more than 1,700 ETH, or roughly $6.5 million. The buying spree contributed to the broader volume increase on Ethereum and fueled speculation across NFT trading platforms.
While Ethereum based NFTs dominated activity, Bitcoin NFTs also saw volume increase to $25.6 million, up from $11 million. In contrast, Polygon based NFTs had a decline in trading volume. Total NFT volume across major chains reached $143.5 million in one week.
Ethereum Price Surge Correlates With NFT Volume Boost
The NFT market revival aligns with Ethereum recent price gains. ETH rose from $2,525 on 6 July to around $3,730, a near 50% increase. The increase fueled demand for digital collectibles, sending Ethereum trading volume to its highest since mid-January.
Despite the rebound, 2024 was a challenging year for NFTs. Year-over-year sales declined by 18%, the worst since the 2021 peak. Yuga Labs, previously a major holder of CryptoPunks IP, offloaded its NFT brands including Meebits and Moonbirds earlier this year.
