Ethereum News Today: NFT Market Surges Past $6 Billion on Whale CryptoPunks Purchase and 154% Trading Volume Spike

The NFT market has rebounded sharply, with the total market cap crossing $6 billion on July 21, 2025, a 16.9% increase in the past 24 hours and the highest level since early February, according to CoinGecko data. This resurgence coincided with a high-profile transaction in which a whale—identified by the address "0x1bb351…72d6"—purchased 45 CryptoPunks NFTs for over 2,080 ETH, valued at approximately $7.8 million. The transaction marked one of the largest single purchases in recent NFT history and highlighted growing institutional and high-net-worth investor interest in blue-chip NFTs [2]. The floor price for CryptoPunks also rose by 15.9% in the same period to 47.5 ETH, underscoring the asset's premium status.

The broader Ethereum-based NFT marketplace also saw a surge in activity, with global NFT sales volume reaching $41.4 million in the past 24 hours, up 154% according to CryptoSlam data [1]. This spike in trading volume reflects renewed risk-on sentiment and a broader bull run in the cryptocurrency market. Bitcoin edged up 0.37% to $118,361, while Ethereum gained 3% to $3,759, according to The Block's price page, reinforcing the positive macroeconomic backdrop.

Analysts have highlighted the whale's purchase as a significant indicator of market confidence. Nick Ruck, director of LVRG Research, noted that traders are returning to major NFT projects like CryptoPunks due to speculation that the asset class is undervalued and could see a second wave of growth. Vincent Liu, CIO of Kronos Research, added that the large liquidity injection into CryptoPunks suggests a growing appetite among high-conviction players, which could drive further demand for premium NFTs. However, both analysts cautioned that long-term sustainability of the current rally depends on deeper wallet activity and broader participation beyond high-profile transactions [2].

Min Jung of Presto Research also pointed out that the current NFT activity is largely concentrated in legacy collections like CryptoPunks rather than new minting projects, suggesting that the market is still far from a full NFT season. While the whale purchase signals renewed interest, there is no clear indication of a new speculative trend or emerging narrative that could drive widespread adoption or participation. This cautious optimism reflects the historically volatile nature of the NFT market and the need for sustained activity to confirm a broader recovery [2].

The Ethereum NFT ecosystem continues to dominate the market, with most high-value transactions occurring on its platforms. This dominance reinforces Ethereum’s role as the primary infrastructure for NFT trading and highlights the importance of the network in the broader digital asset landscape. However, without a clear new narrative or use case driving mass adoption, the current momentum may not be enough to establish a lasting bull market for NFTs.

The NFT market is showing signs of strength, but the path forward remains uncertain. While whale activity and increased trading volumes are positive indicators, the market will need to demonstrate sustained demand and broader participation to confirm a long-term recovery.

Source:

[1] The Block – Ethereum NFT Marketplace Monthly Volume (https://www.theblock.co/data/nft-non-fungible-tokens/marketplaces/nft-marketplace-monthly-volume)

[2] The Block – Latest Metaverse, NFTs & Gaming Asset News (https://www.theblock.co/category/nfts-gaming-and-metaverse)