Bitcoin's Ordinals Plummet to Lowest Levels Since February 2024

Bitcoin ordinals, which are akin to non-fungible tokens (NFTs) on the Bitcoin network, are suffering as the leading collections trend down to their lowest prices in nearly a year.

Some of the leading collections, such as Bitcoin Puppets and NodeMonkes, are both down to .068 BTC, or around $7,000 at current prices, after topping out as high as .47 and .9 BTC in April 2024. These are the lowest floor prices for both collections since February 2024, right before Ordinals exploded.

In addition to the low prices, volumes have slowed as well, with Puppets processing 33 sales over the last 24 hours, and NodeMonkes with just nine sales on Magic Eden, the least since Dec. 22, 2024.

The remaining bright spot within the ecosystem is Quantum Cats, an ordinals collection spearheaded by the Udi Wertheimer and the Taproot Wizards team. Quantum Cats still trade for .25 BTC, or roughly $25,000 per ordinal, however the collection is still down 50% from its all-time high in April 2024.

There is no clear catalyst for the falloff other than slowing volumes, which may represent a lack of interest in the ecosystem.

The Ethereum NFT market isn’t doing much better. Over the last seven days, Pudgy Penguins are down 45%, Azuki is down 69%, and Miladys are down 9%, while Bored Ape Yacht Club and CryptoPunks remain flat on the week.