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

Bored Ape Yacht Club’s (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, BAYC’s 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.