BAYC‘s NFT Floor Price Hits New Low Amid ETH Spike: What’s Behind the Decline？

Bored Ape Yacht Clubs (BAYC) NFT collection experienced a significant decline in its floor price, dropping below 20 ETH to 17.99 ETH (roughly $66,000). On the other hand, the price of Ethereum is on an upward trajectory and has reached $3,717.

Floor price is a metric used to gauge the popularity of an NFT project at a particular time. It represents the lowest price a seller is willing to accept for an NFT in a collection and can vary slightly across platforms.

CoinGecko reported that BAYC‘s floor price reached a low of 17.99 ETH, or approximately $70,000, on Sunday before partially rebounding. The last time BAYC’s floor price dropped below 30 ETH was in July 2024, just before the NFT boom significantly increased its floor price. In April 2022, BAYCs floor price rose to 153.7 ETH, or around $430,000, according to CoinGecko.

At the time of writing, OpenSea reported that the floor price of the collection was 18.0 ETH, which is approximately $66,000. Despite the dip in BAYC‘s floor price, its trading volume has gone up by over 329% in the past 24 hours, according to OpenSea. Currently, BAYC’s trading volume is almost 1.5 million ETH, making it the sixth-largest NFT collection by sales volume, as per data from CryptoSlam.

At the time of writing, Ethereum is priced at $3,687.46, after experiencing a surge of 4.56% in 24 hours. In anticipation of the ETH ETF, investors have shown interest in Ethereum, as observed from the recent whale activities and the 80.36% surge in trading volume.

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