Bitcoin Ordinals Crash to Yearly Lows as NFT Market Struggles

Bitcoin Ordinals have dropped to their lowest prices since February 2024, with leading collections like Bitcoin Puppets and NodeMonkes plummeting nearly 90% from their all-time highs.

Bitcoin Ordinals Hit New Lows as NFT Market Slumps

The once-thriving Bitcoin Ordinals ecosystem is experiencing a sharp downturn, with floor prices collapsing to their lowest levels in nearly a year. Collections that once commanded sky-high valuations are now struggling to find buyers, signaling a decline in demand for NFTs on Bitcoin.

Data shows that top collections, Bitcoin Puppets and NodeMonkes, have seen their floor prices sink to 0.068 BTC (~$7,000)—a far cry from their April 2024 peaks of 0.47 BTC ($47,000) and 0.9 BTC ($90,000), respectively. These levels mark the lowest valuations for both collections since February 2024, before Bitcoin Ordinals surged in popularity.

NFT Trading Volume Declines Sharply

It’s not just floor prices that are suffering—trading volumes have taken a hit as well.

• Bitcoin Puppets recorded just 33 sales in the past 24 hours, indicating a sharp decline in liquidity.
• NodeMonkes fared even worse, with only nine sales on Magic Eden, the lowest daily count since December 22, 2024.

With less trading activity, many Ordinals holders are choosing to wait rather than sell at a loss, further slowing the market.

Quantum Cats: The Only Bright Spot?

Among the declining Ordinals market, Quantum Cats—a collection developed by Udi Wertheimer and the Taproot Wizards team—remains one of the few strong performers.

Currently, Quantum Cats trade at 0.25 BTC (~$25,000) per NFT, significantly higher than other collections. However, even this collection has dropped 50% from its all-time high in April 2024, reflecting the broader downturn in the NFT space.

Why Are Bitcoin Ordinals Losing Value?

There is no single catalyst driving the decline, but the slowdown in trading volumes suggests a loss of investor interest.

Some possible factors include:

• Market fatigue after the initial hype of Bitcoin Ordinals in 2023–2024.
• High volatility in Bitcoin prices, making investors cautious about spending BTC on speculative assets.
• Competition from Ethereum and Solana NFTs, which continue to dominate the NFT space.

Ethereum NFT Market Also Takes a Hit

The Ethereum NFT market isn’t doing much better. Over the past seven days, major collections have faced steep declines:

• Pudgy Penguins: Down 45%
• Azuki: Down 69%
• Miladys: Down 9%
• Bored Ape Yacht Club & CryptoPunks: Flat for the week

The lack of buyer demand for both Bitcoin and Ethereum NFTs suggests a broader cooldown in the market, rather than just an isolated issue for Ordinals.

What’s Next for Bitcoin Ordinals?

While some believe this is a temporary correction, others argue that Ordinals need renewed demand and innovation to reclaim their past valuations.

For now, traders remain cautious, waiting to see if Bitcoin Ordinals can stage a comeback—or if the hype is truly over

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