The trading volume of wash sales in the Ethereum NFT market accounts for 1.8% of the total trading volume, reaching the lowest level in a year
The Block reported that the wash trading volume in the Ethereum NFT market has dropped to its lowest level in over a year.
According to The Block Pro's data dashboard, on January 9th and January 13th, wash trading accounted for 1.8% of the total USD trading volume. This ratio is much lower than the 36.2% on January 1st, 2023, and also the lowest point since May 1st, 2022 when it was at 0.35%.
Rebecca Stevens, Senior Research Analyst at The Block, said: "Blur is actively trying to filter out wash traders from their airdrops, which reduces the appeal of wash trading. In addition to some NFT market tokens experiencing a decrease in valuation, this has led to an ongoing decline in overall wash trading."
It is reported that wash trading is a form of market manipulation where individuals trade assets among themselves artificially inflating prices or liquidity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
GAIB launches on Bitget CandyBomb, contract trading unlocks token airdrop
21Shares launches six cryptocurrency ETPs on Nasdaq Stockholm
USDC Treasury minted an additional 250 millions USDC on the Solana chain
Data: A certain whale has turned bearish after closing ETH and BTC long positions with a loss of $6.2 million