The NFT market is experiencing a strong recovery! Ethereum is back as the king, and CryptoPunks is leading the charge, igniting a blue-chip NFT bull run.

The total market capitalization of the NFT market has surpassed $6.8 billion, setting a new high since the fourth quarter of last year. Ethereum NFTs have performed particularly well, with CryptoPunks and Pudgy Penguins leading this round of rebound, accounting for nearly 30% of the market share. Along with Ethereum's nearly 50% big pump this month, on-chain NFT trading volume surged by 488%, with Whales spending $7.8 million in a single day to purchase 45 CryptoPunks, releasing a strong bullish signal. The price of Ethereum shows a strong correlation with the liquidity of the NFT market, which may provide key support for the Q3 market.

NFT market builds a bottom and rebounds, bullish structure begins to emerge Recently, the NFT market has shown a solid bullish structure, with its historical market capitalization peaks often synchronizing with the overall crypto market bull run. The current total market capitalization has broken through the 6.8 billion USD mark, marking the first strong breakout since the last quarter of last year (with a peak of about 10 billion USD), approaching the levels seen during the NFT frenzy cycle in 2021. Despite the overall demand rising, the market concentration has significantly increased.

Ethereum blue-chip NFTs dominate the market landscape The OG project CryptoPunks (based on Ethereum) currently occupies nearly 30% of the NFT market share, experiencing a rise of 10% since the market rebound. Following closely is the Ethereum-native project Pudgy Penguins with a market share of about 8.5%. These two leading projects together consolidate Ethereum's dominance in the NFT space. This round of centralized rise is not coincidental, resonating with Ethereum's (ETH) nearly 50% rise this month and a strong start to the third quarter.

Ethereum NFT volume big pump, Whale enters the market to scoop up Ethereum on-chain NFT data has exploded: market capitalization increased by 26% in a month, and 24-hour trading volume surged by 488%. Whale activity confirms market heat: a single wallet spent 2,082 ETH (approximately 7.8 million USD) to purchase 45 CryptoPunks in one day, setting the largest single-day NFT purchase record in several months. July is not yet over, and Ethereum NFT monthly trading volume has reached 152.8 million USD, a new high in five months, indicating that the inflow of funds into NFTs continues to accelerate.

Ethereum price is deeply tied to NFT liquidity On a macro level, the total market capitalization of NFTs returning to $6 billion is strongly correlated with the surge in Ethereum's on-chain trading volume, as Ethereum is reclaiming its core liquidity hub position for NFTs. In terms of price, ETH has risen nearly 50% this month, maintaining above $3,700 and testing key resistance levels. If the NFT market continues to consume ETH on a large scale and Gas fees remain high, it will provide sustained upward momentum for Ethereum's price, further strengthening its breakout pattern in the third quarter.

Conclusion: The current recovery trend led by Ethereum blue-chip NFTs such as CryptoPunks and Pudgy Penguins is deeply coupled with the Ethereum ecosystem and price movements. On-chain signals such as Whale buying and a sudden increase in volume indicate that the NFT market may have entered a substantial Rebound phase. For crypto investors, closely monitoring Ethereum on-chain activities and changes in blue-chip NFT Liquidity will be key indicators for predicting market trends and capturing opportunities in the third quarter. Whether Ethereum can rely on the NFT ecosystem to support its breakout trend is worth ongoing tracking.