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NFT Trading Volumes Fell 74% From May to June

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Today’s Cryptocurrency Headline

According to The Block Research, Monthly trading volumes for non-fungible tokens (NFTs) fell 74% between the months of May and June. May saw $4 billion in volume, while June saw $1.04 billion in trading volume. The 74% decrease is the largest month-over-month decline in NFT marketplace trading volume to date. The second biggest month-over-month decline occurred between February and March of this year, which saw a decrease of 48%. In addition, OpenSea dominated the market in June with a total trading volume of $696 million, accounting for  67% of the month’s total monthly volume. Despite having comprised the majority of NFT trading volume amid the NFT market downturn, OpenSea announced on July 14 that it will downsize its workforce by 20%.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to Glassnode, over 80% of the total USD-denominated wealth invested in Bitcoin has been held for at least 3-months. This means that most of the bitcoin supply is dormant, and holders are increasingly unwilling to sell at low prices. Bitcoin price is almost flat over the past 24 hours. The largest cryptocurrency closed above the 20-day exponential moving average on July 15, but the buyers were unable to push up the price further. The relative strength index (RSI) has risen close to the midpoint, suggesting the market sentiment is neutral. As Bitcoin has been trading at around $20,000 for the past month, the sideways trading between $19,000 and $21,000 is likely to continue this week.

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