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.
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