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NFT market is mostly eth, not btc, and a tiny fraction of trading volume. At this point cryptos have become correlated to fiat denominated assets and rise and fall in sync. Total market cap is ~2T at this point.
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Yes but not due to NFTs or even contract activity generally. They’ve been correlated for long before NFTs due to people just hedging/arbitraging/portfolio balancing, and most ETH trading is not for NFTs. NFTs drive gas prices strongly but not asset prices afaict.
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Quick check suggests total crypto trading volume was 14T in 2021 and NFTs were 23B. And due to the disproportionate value in secondary sakes of just a few big hits like bored apes and cryptopunks, I’d suspect most of the winners on the sell side are hodling too.
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