#美联储回购协议计划 $ETH $ZEC The NFT market is playing out a fascinating drama. Over the past week, a quick scan of digital eyes left everyone stunned—buyers surged to 303,000, a weekly increase of 27.24%, and the heat seems to be exploding. However, the total transaction volume dropped to $63.52 million, a 4.72% decrease week-over-week.

This seemingly contradictory data actually reflects three underlying currents happening in the on-chain ecosystem.

**On-chain funds are "fleeing"**

Bitcoin NFTs surged by an astonishing 52.64%, with transaction volume reaching $12.02 million. In stark contrast, Ethereum NFTs suffered a sharp decline of 24.86%. Polygon, like a dark horse, maintained a steady weekly increase of 16.18%. It’s clear that funds are migrating from the Ethereum ecosystem to the Bitcoin system—this signal couldn’t be more obvious.

**Scarce assets remain resilient**

An X@AI work in the BRC-20 NFT space sold for $1.92 million, and blue-chip collectibles like CryptoPunk both broke the $110,000 mark. Amid the overall rise and fall, valuable assets have maintained their status and haven’t wavered.

**Market is diverging, not simply declining**

What does the influx of new buyers indicate? Are retail investors bottom-fishing, or are newcomers being attracted? The decline in transaction volume coupled with a surge in user numbers usually suggests two possibilities: either the end of the last wave of bag-holders or the early signs of a new cycle.

Opinions among institutions are also divided. Some analysts believe Bitcoin will grow steadily but unlikely to surge dramatically; traders predict a possible retracement to $60,000; institutional players think the downside is limited. That’s where the disagreement lies.

Some say this is a transitional period from NFT speculation to real application, while others hint it could be a "trap." The only certainty? The sector is becoming more fragmented, and blindly following trends is less wise than selecting the right direction.

(Markets carry risks, invest cautiously)