{"id":275420,"date":"2022-12-05T21:00:25","date_gmt":"2022-12-05T15:30:25","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=275420"},"modified":"2022-12-05T14:28:07","modified_gmt":"2022-12-05T08:58:07","slug":"ethereum-nfts-surrender-to-crypto-winter-will-eth-suffer-the-same-fate","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-nfts-surrender-to-crypto-winter-will-eth-suffer-the-same-fate\/","title":{"rendered":"Ethereum NFTs surrender to crypto winter; will ETH suffer the same fate"},"content":{"rendered":"<ul>\n<li><em>Ethereum witnessed a decline in NFT transactions, but blue-chip collections did well<\/em><\/li>\n<li><em>Ethereum observed support from retail and large investors<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">NFT transactions on Ethereum have declined significantly, from 22% NFT dominance to 8.3% according to crypto analytics firm Glassnode.\u00a0On the other hand, stablecoin transactions grew and took up the space originally conquered by NFTs. This declining interest from traders could affect the overall NFT market negatively.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">NFTs on <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> accounted for 18% to 22% of transactions during H1-2022.<\/p>\n<p>However NFT dominance has since declined to just 8.3%, as interest in the space wanes during the bear market.<\/p>\n<p>Stablecoin dominance has spiked since FTX from 10% to 12.5%.<\/p>\n<p>Chart: <a href=\"https:\/\/t.co\/m0UL2Xo7J5\">https:\/\/t.co\/m0UL2Xo7J5<\/a> <a href=\"https:\/\/t.co\/PgImnSIkRK\">pic.twitter.com\/PgImnSIkRK<\/a><\/p>\n<p>&mdash; glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1599569089441452033?ref_src=twsrc%5Etfw\">December 5, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\"><span style=\"font-weight: 400;\">Ethereum&#8217;s [ETH] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<h3>NFT blue chips remain unaffected<\/h3>\n<p><span style=\"font-weight: 400;\">Despite the declining NFT transactions, blue chip NFT collections on the Ethereum network performed relatively well. <\/span><span style=\"font-weight: 400;\">According to data provided by <\/span><a href=\"https:\/\/nftgo.io\/collection\/bored-ape-yacht-club\/overview\"><span style=\"font-weight: 400;\">NFTGO,<\/span><\/a><span style=\"font-weight: 400;\"> collections such as the Bored Ape Yacht Club [BAYC] witnessed a massive 337% uptick in terms of volume.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, the number of sales went up by 325% over the last week. Mutant Ape Yacht Club [MAYC]<\/span><span style=\"font-weight: 400;\">, another collection, also witnessed a similar growth in terms of <\/span><a href=\"https:\/\/nftgo.io\/collection\/mutant-ape-yacht-club\/overview\"><span style=\"font-weight: 400;\">volume and sales<\/span><\/a>.<\/p>\n<p><span style=\"font-weight: 400;\">This indicated that the lower transactions on the Ethereum network had not affected blue chip NFTs, but may have influenced smaller and upcoming collections. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, at the time of writing, large addresses continued to support ETH. <\/span><span style=\"font-weight: 400;\">As can be seen from the image below, the number of addresses holding over 32 coins reached an all-time high of 128k addresses at the time of writing. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, retail investors showed faith in the altcoin as well. According to <\/span><a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1599558052792963082?t=IMz77eTwWqSNTVFkcgcISA&amp;s=19\"><span style=\"font-weight: 400;\">Glassnode<\/span><\/a>&#8216;s<span style=\"font-weight: 400;\"> data, the number of addresses holding 0.01 coins increased significantly and had reached a three-month high of 22.3 million addresses.<\/span><\/p>\n<figure id=\"attachment_275436\" aria-describedby=\"caption-attachment-275436\" style=\"width: 2400px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Eth-address.jpeg\"><img decoding=\"async\" class=\"size-full wp-image-275436\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Eth-address.jpeg\" alt=\"\" width=\"2400\" height=\"1200\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Eth-address.jpeg 2400w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Eth-address-300x150.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Eth-address-1024x512.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Eth-address-768x384.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Eth-address-1536x768.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Eth-address-2048x1024.jpeg 2048w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" \/><\/a><figcaption id=\"caption-attachment-275436\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h3>Traders start &#8216;Long&#8217; ing for Ethereum<\/h3>\n<p><span style=\"font-weight: 400;\">Traders have always shown faith in <a href=\"http:\/\/ambcrypto.com\/what-ethereum-eth-holders-should-expect-in-the-near-term\/\">Ethereum.<\/a> Top traders on the Binance exchange took advantage of a declining ETH and went long on Ethereum.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, over <\/span><a href=\"https:\/\/www.binance.com\/en-IN\/futures\/funding-history\/4\"><span style=\"font-weight: 400;\">50% of the overall traders<\/span><\/a><span style=\"font-weight: 400;\"> on the Binance exchange had held long positions on Ethereum.<\/span><\/p>\n<figure id=\"attachment_275437\" aria-describedby=\"caption-attachment-275437\" style=\"width: 2440px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-05-at-12.38.45-PM.png\"><img decoding=\"async\" class=\"size-full wp-image-275437\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-05-at-12.38.45-PM.png\" alt=\"\" width=\"2440\" height=\"678\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-05-at-12.38.45-PM.png 2440w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-05-at-12.38.45-PM-300x83.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-05-at-12.38.45-PM-1024x285.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-05-at-12.38.45-PM-768x213.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-05-at-12.38.45-PM-1536x427.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-05-at-12.38.45-PM-2048x569.png 2048w\" sizes=\"(max-width: 2440px) 100vw, 2440px\" \/><\/a><figcaption id=\"caption-attachment-275437\" class=\"wp-caption-text\">Source: <span style=\"font-weight: 400;\">Binance Futures<\/span><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Moreover, <a href=\"http:\/\/ambcrypto.com\/is-holding-ethereum-in-q4-far-from-profitable-these-metrics-suggest\/\">Ethereum<\/a>\u2019s Market Value to Realized Value (MVRV) ratio suggested that the tide was turning in favor of addresses holding ETH. This suggested<\/span><span style=\"font-weight: 400;\"> that some <a href=\"http:\/\/ambcrypto.com\/ethereum-miner-revenue-reaches-monthly-high-but-heres-the-issue\/\">Ethereum<\/a> holders could take profits if they ended up selling their position.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, the Long\/Short difference indicated that it would mostly be short-term holders that would end up profiting if they decide to sell their <a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\">ETH<\/a>.<\/span><\/p>\n<figure id=\"attachment_275438\" aria-describedby=\"caption-attachment-275438\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Ethereum-ETH-12.42.06-05-Dec-2022.png\"><img decoding=\"async\" class=\"size-full wp-image-275438\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Ethereum-ETH-12.42.06-05-Dec-2022.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Ethereum-ETH-12.42.06-05-Dec-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Ethereum-ETH-12.42.06-05-Dec-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Ethereum-ETH-12.42.06-05-Dec-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Ethereum-ETH-12.42.06-05-Dec-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Ethereum-ETH-12.42.06-05-Dec-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Ethereum-ETH-12.42.06-05-Dec-2022-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-275438\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum witnessed a decline in NFT transactions, but blue-chip collections did well Ethereum observed support from retail and large investors NFT transactions on Ethereum have declined significantly, from 22% NFT dominance to 8.3% according to crypto analytics firm Glassnode.\u00a0On the other hand, stablecoin transactions grew and took up the space originally conquered by NFTs. This<a href=\"https:\/\/ambcrypto.com\/ethereum-nfts-surrender-to-crypto-winter-will-eth-suffer-the-same-fate\/\">Continue reading <span class=\"sr-only\">&#8220;Ethereum NFTs surrender to crypto winter; will ETH suffer the same fate&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":275441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,3,4029,4,20],"tags":[],"class_list":["post-275420","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-news","category-nft","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum NFTs surrender to crypto winter; will ETH suffer the same fate - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Crypto analytics firm Glassnode stated that NFT transactions on Ethereum had decreased. 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