Ordinals Bleed as BTC Touches $70,000

The top Ordinals projects are slumping despite Bitcoin’s recent surge to $70,000.

Collections such as NodeMonkes, Bitcoin Puppets, and Ordinal Maxi Biz, are all down over 20% in the last 30 days while BTC increased as much as 30% in the past month, climbing to as high as $70,000, the highest level since June 12.

After a red hot Q1, NodeMonkes’ floor price has fallen nearly 85% from its all-time highs of 0.89 BTC, and are now sitting at a 0.134 BTC floor price.

Bitcoin Puppets have experienced a similar trend, running from a mint price of below 0.01 BTC, to an all-time high of 0.46 BTC in April, and are now selling for just over 0.09 BTC per inscription, an 80% decline.

Ordinals were introduced to Bitcoin in January 2023 by programmer Casey Rodarmor. Ordinals are similar to non-fungible tokens (NFTs) in the sense that they allow for provable scarcity and rarity of tokens on Bitcoin. This is done by “inscribing” individual satoshis (a tiny fraction of a Bitcoin) with their own unique data.

Meanwhile, Bitcoin is rallying following the Bitcoin2024 conference this past weekend. At the conference presidential candidate Donald Trump proposed a crypto-friendly government if elected.

Despite the Ordinals market selling off, Quantum Cats, from the Taproot Wizards team, are holding up stronger. The collection currently sits 33% off its all-time high of 0.45 BTC.

The Ordinals market price action corresponds with overall volume. Magic Eden’s Ordinals marketplace processed over $40 million per week in total volume from Feb. 26 to April 22, and set a high of $113 million in the first week of April.

Since then, volume has fallen dramatically, failing to surpass $10 million in weekly volume since June 3.