The market capitalization of non-fungible tokens has fallen back towards record levels as Ethereum declines. CryptoPunks are now trading near $53,000, Bored Ape Yacht Club coins are hovering below $15,000, and Pudgy Penguins are hovering around $7,300. Ethereum has lost around 28% over the past 30 days and is now trading near $1,640. Lows measured in ETH fell far less than dollar values, exposing the sector’s denomination risk.
Ethereum Weakness Drives NFT Market Cap
Data from CoinGecko places the CryptoPunks floor at 32.5 ETH, or approximately $53,254. Bored Ape Yacht Club is trading at 9.05 ETH, or around $14,828, while Pudgy Penguins is trading at 4.48 ETH, or nearly $7,335. The divergence is most striking at CryptoPunks. Its floor has risen from 31 ETH to 32.5 ETH over the past 30 days, but the dollar floor has fallen 29% from $71,000.
BAYC and Pudgy Penguins declined in both measures. Their dollar floors lost 39% and 42%, roughly triple their ETH-denominated declines of 9.4% and 15%. Aggregate floor valuations are now between $1.4 billion and $2.4 billion, depending on the tracker. CryptoPunks, the 2017 collection that anchors the sector, alone represents 27% of this total.
The slide charts Ethereum’s broader slowdown. ETH is trading 67% below its August 2025 high of $4,946 and has lost 34% in a year. A 17-session ETF outflow streak drained more than $401 million from U.S. spot ETH funds in May.
Analyst wale.moca, a former Azuki researcher, argued that this dependence makes ETH-denominated gains hollow. “The price of ETH is the biggest vulnerability of NFTs. It’s cool when the price floor rises by 5 ETH, but it makes no sense if ETH/USD is down -30% in the meantime,” wrote wale.moca.
Low liquidity worsens structural problem
Business activity tells a similar story. CryptoPunks saw almost no sales volume over the past 24 hours, according to CoinGecko. The daily volume of nearly 1,800 collections tracked amounts to less than $3 million. The pressure is now reaching market infrastructures. NFT Price Floor, a leading data aggregator, announced its closure on June 30 due to insufficient funding. The team wrote that no one paid for what they used every day.
Sentiment seemed stronger earlier in the cycle, when an apparent return of NFT season lifted CryptoPunks and Moonbirds. BAYC, on the other hand, revisited the lows it had set when its floor price fell below 10 ETH. Some teams are reducing their reliance on speculation. Pudgy Penguins has focused on culture rather than price in the short term, signing a partnership with Manchester City to reach the general public.
Still, recovery from dollar floors depends less on demand for NFTs and more on Ethereum itself. Perhaps the June ETH price outlook could provide signs as to whether the valuations of star stocks can stabilize.
