NFTs as ETH Beta: The Collections Outpacing Ethereum’s Rally

Ethereum NFT collections are showing ETH beta, rising faster than ETH itself during its recent rally, according to the article's author, who builds on a view attributed to Fiskantes that the best ETH beta candidate is ETH-denominated assets such as Ethereum OG NFTs. ETH rose 47% over the past 30 days, while Moonbirds gained 304% to a 2.95 ETH floor, Mooncats gained 180%, and V1 CryptoPunks gained 71% to a 3.95 ETH floor. The article argues this creates a reflexive loop in which ETH gains fuel NFT buying and rising floors add ETH-denominated wealth, though it also notes that ETH weakness could unwind gains faster.