#cryptopunks成交量一周暴增近12倍
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Cryptopunks’ trading volume has surged by nearly 12x over the past week.
Two rare editions sold for a total of about $3.9 million.
The last time it got this hot was in the mid-stage of the bull market.
But this time, the price isn’t driven by ETH.
The floor price hasn’t taken off either.
Trading volume is concentrated in a handful of rare items.
Meanwhile, the prices of regular editions have stayed relatively calm.

The composition of buyers has changed.
Stablecoin settlement has become the mainstream.
Lending and over-the-counter channels have started stepping in.
Holders can pledge their avatars as collateral to get cash.
Liquidity has been “activated” by these tools.
Demand for collateral has been boosted.
And transaction friction is decreasing.

On the other side is ETH’s position.
It still has a significant distance to cover before its previous high.
The avatar market’s recovery hasn’t waited for it.
Capital is looking for an independent narrative.
Blue-chip avatars are being treated as an asset.
The line between collecting and finance is blurring.
Pricing is starting to look at cash flow.

For crypto overall, this cycle looks more like a structural repair than a broad-based rebound.
If it can be collateralized and settled, that’s what people are willing to hold.
Do you think avatar-type assets will become mainstream again? Let’s talk in the comments