Arthur Hayes, Chief Investment Officer at Maelstrom and former BitMEX CEO, has shared a highly optimistic outlook for Ethereum (ETH), predicting that the digital asset could reach a new all-time high of $10,000 by the end of the year.

In a July 23 blog post, Hayes described ETH as “the most hated large-cap crypto,” likening its current sentiment to Solana following FTX’s collapse in 2022 before its meteoric rise from $7 to $280.

Hayes believes momentum is now shifting. He points to Ethereum’s growing use in corporate treasury strategies and support from major Western institutional players, including Fundstrat’s Tom Lee, as signs of an impending rally.

He suggested that mounting institutional confidence could trigger a market breakout, saying investors should be proactive.

According to him:

“Buy first, ask questions later.”

CryptoPunks could outshine ETH

While bullish on Ethereum, Hayes also argued that CryptoPunks NFTs could outperform ETH in terms of dollar value.

He reasoned that Ethereum holders will likely channel their profits into NFTs as status symbols, reflecting broader societal behaviors around wealth and prestige.

Hayes questioned:

“[NFTs are] an internet status game. The whole world economy outside of food and energy production is a giant status game, why would the internet society be any different?”

This perspective echoes comments from Yat Siu, chairman of Animoca Brands, who compares NFTs to luxury items like Rolex watches or Birkin bags. According to Siu, people purchase these items mainly due to their cultural symbols of identity and belonging rather than their functionality.

CryptoPunks, launched in 2017 as one of the first NFT projects on Ethereum, have gained legendary status in the digital art world.

At the peak of the market in 2021, the collection’s floor price was worth an average of 125 ETH, but its value fell significantly during the market winter to a low of 21 ETH.

However, with the NFT space enjoying some form of renaissance lately, CryptoPunks’ value has surged in the past week by over 20% to 48 ETH, which equates to $177,000.

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A mysterious $7.8 million purchase of 45 CryptoPunks NFTs has reignited speculation about big-money players quietly reentering the NFT market. The buyer—a newly created wallet with no prior trading history—executed the entire acquisition within minutes, sparking a dramatic rise in floor prices and renewed momentum across top Ethereum-based collections.

Key Takeaways

• A stealth $7.8M CryptoPunks buy hints at major players quietly reentering the NFT arena.

• The purchase pushed the floor of CryptoPunks up 20% overnight.

• Ethereum’s rally past $3,770 is restoring NFT momentum and investor confidence.

• Trading volume and market capitalization have surged, echoing behavior seen in the early stages of past bull cycles.

• This wasn’t hype or airdrop-driven—just strategic conviction in blue-chip NFTs.

What Is Stealth Accumulation by Major Players?

In crypto markets, stealth accumulation refers to large-scale, quiet purchases made by high-net-worth individuals, funds, or DAOs without triggering public attention or dramatic price shifts. These moves are often executed through new wallets and avoid promotional noise, aiming to build exposure before prices climb.

In this case, the wallet address “0x1bb351…” appeared with no trading history, executed a swift $7.8M sweep of 45 CryptoPunks, and then became inactive. The lack of ties to known collectors suggests a calculated market entry—possibly by an institution or deep-pocketed investor.

The simplicity of the execution—one wallet, one burst of buys—suggests this could have been the move of a single individual. But even if that’s the case, the scale, speed, and strategic precision signal institutional-level intent. In crypto, one wallet can still represent fund-backed capital or sophisticated private investment.

To me, this feels like a textbook example of strategic whale behavior. I’ve watched enough market cycles to recognize when deep pockets are moving quietly.

Ethereum’s Rally Sets the Stage

This activity didn’t happen in isolation. Ethereum’s 50% rally over the past few weeks—pushing it past $3,770—has energized NFT markets. When ETH gains momentum, so do NFTs, which are typically priced in ETH and heavily influenced by its purchasing power.

Ethereum-based NFT volume is now clocking over $107 million per week—a 62% increase from the previous week, according to CryptoSlam. As ETH surged, the NFT market began showing signs of renewed activity. But the CryptoPunks sweep accelerated that shift.

Floor prices for CryptoPunks jumped nearly 20% in under 24 hours, hitting 47.5 ETH. Over 135 Punk sales followed in rapid succession. The broader NFT market cap crossed $6.3 billion—nearly doubling in just a few weeks.

And it wasn’t just CryptoPunks. Moonbirds, Pudgy Penguins, and even Bitcoin- and Polygon-based collections saw increased activity.

Source: CryptoPunks

Why CryptoPunks, and Why Now?

CryptoPunks are more than just NFTs—they’re considered digital artifacts in the Web3 space. As one of the earliest collections minted directly on Ethereum, they carry historical importance, visual distinctiveness, and proven market liquidity. That makes them ideal targets for long-term holds by institutions or whales betting on a broader market rebound.

I’ve always considered CryptoPunks the ‘Bitcoin’ of NFTs—not flashy, just foundational. This move reinforces that perception.

Interestingly, there was no news-driven reason for the purchase—no airdrop, no teaser campaign, no roadmap release. Instead, the move appears to be a vote of confidence. The buyer didn’t just grab a few Punks—they grabbed dozens, suggesting they saw value while others were distracted.

The timing also comes after Yuga Labs divested the CryptoPunks IP—a quiet but meaningful change that some collectors interpret as a reset moment for the collection’s governance and future. But even that wasn’t the primary driver. The move appears centered on legacy value and scarcity potential.

Ripple Effects Across the NFT Ecosystem

The impact was immediate. As CryptoPunks surged, the rest of the market followed. Daily NFT trading volume jumped to $41.4 million, while collections like Pudgy Penguins saw triple-digit volume spikes. Analysts believe the whale’s move served as both a confidence signal and a catalyst for market reactivation.

Ethereum’s strength made this shift possible—but the whale’s precise timing amplified the effect. By acting before headlines emerged, they gained early positioning and influenced market sentiment. Now, all eyes are on what happens next: additional whale entries, DAO activity, or the return of institutional NFT funds.

Conclusion

The $7.8 million CryptoPunks purchase may not have been just a flashy buy—but a message. It aligned with ETH’s rally, rising market optimism, and the psychology of blue-chip NFTs.

If I had to bet, I’d say this isn’t an isolated move. It’s a signal that smart money is testing the waters again.

Whether this marks the start of a broader bull run or a temporary uplift, one thing is clear: blue-chip NFTs like CryptoPunks are once again being considered strategic digital assets.

And someone, somewhere, is quietly betting big.

Infinite Node Foundation (NODE), a newly formed nonprofit based in the United States, has acquired the intellectual property rights to the popular NFT collection CryptoPunks.

NODE has announced plans to exhibit the full 10,000-piece collection in a new physical space in Palo Alto, California. The transition marks a change in governance from private ownership to nonprofit management, with NODE aiming to focus on preservation and public access rather than commercialisation.

Alongside the acquisition, NODE has committed $25 million in funding to support the long-term stewardship of the collection.

What is the Infinite NODE Foundation?

The Infinite Node Foundation (NODE) is a nonprofit organisation formed in 2025 by Micky Malka and Becky Kleiner. Its stated aim is to preserve, study, and exhibit digital artworks, particularly those created on or linked to blockchain technology.

With the CryptoPunks acquisition, NODE becomes one of the best-funded digital art nonprofits in the United States. The organisation plans to open a permanent facility in Palo Alto that will serve as an exhibition space and technical infrastructure hub, including the operation of a full Ethereum node.

NODE’s governance includes an advisory board comprising figures associated with CryptoPunks and digital art more broadly, such as Larva Labs founders Matt Hall and John Watkinson, Yuga Labs co-founder Wylie Aronow, and Art Blocks founder Erick Calderon. Natalie Stone, a longtime contributor to the CryptoPunks community, will serve as a consultant during the transition.

What does this mean for CryptoPunks?

The transfer of IP rights from Yuga Labs to NODE marks the second major change in the collection’s management. Yuga Labs acquired the rights from Larva Labs in 2022, promising to protect and promote the project. With this latest handover, control shifts from a commercial entity to a nonprofit structure focused on preservation rather than monetisation.

“CryptoPunks sparked a cultural movement that blended code, community, and commerce,” said Micky Malka, Chair of the Node Foundation. “By pairing museum-grade conservation with an evergreen endowment, we intend to future-proof this landmark work and make it easier than ever for scholars, curators, and collectors to engage with it.”

NODE has said it will maintain the project as originally intended by its creators, without introducing new commercial initiatives. Its focus will be on technological preservation, community engagement, and recontextualising CryptoPunks within the broader history of digital and contemporary art.

“The Punks were created to be truly decentralized, and have become a defining example of digital permanence and online network effects,” said Matt Hall and John Watkinson of Larva Labs. “The NODE foundation was created to explain and promote these ideas as a new art medium, and are the perfect long term home for the punks.”

There’s been a lot of buzz lately about the possibility of a CryptoPunks IP sale, and this has stirred up plenty of excitement, questions, and even a bit of anxiety in the NFT community. CryptoPunks, created in 2017, are considered one of the oldest and most respected collections in the world of digital collectibles. They feature 10,000 unique, pixelated characters that many people see as a form of digital art.

Ever since Yuga Labs acquired the rights to CryptoPunks in 2022, fans have been curious about what would happen next. Yuga Labs is the company behind the popular Bored Ape Yacht Club, another major NFT collection. When Yuga Labs took over, some people were excited about new possibilities, while others worried it might lead to too much corporate control. One big change was that Yuga Labs gave CryptoPunk owners the right to use their specific Punk image however they wished. This was different from most NFT projects at the time, where the original creators would hold on to all intellectual property (IP) rights.

Origins of CryptoPunks

Before we dive into the sale rumors, it’s helpful to understand how CryptoPunks got started. They were developed by a group called Larva Labs in 2017, right around the time when the concept of digital collectibles first began to take shape on the Ethereum blockchain. The term “blockchain” refers to a kind of digital ledger that stores information securely across a network of computers. In this case, Ethereum is the blockchain platform that hosts many NFTs, including CryptoPunks.

Each CryptoPunk features a simple 8-bit design, which has become iconic in the NFT world. Because they were some of the earliest tokens of their kind, CryptoPunks earned a reputation as digital antiques. When Yuga Labs purchased the rights, people wondered if that original mystique would change, but most of the core attributes have stayed intact—especially since each Punk owner now holds the right to use their specific image.

The Rumored CryptoPunks IP Sale

In recent weeks, social media has been buzzing with talk about whether Yuga Labs might sell the CryptoPunks IP to another entity. The IP, or intellectual property, includes ownership of the overall brand and artwork. Some insiders claim that a deal is already in progress, while others believe Yuga Labs is simply exploring options.

https://twitter.com/CryptoGarga/status/1879364643509916050

Greg Solano, co-founder of Yuga Labs, tweeted (now X) that they have been approached with offers but wouldn’t do anything that would “hurt the legacy of CryptoPunks”. This implies they won’t rule out a sale but will protect CryptoPunks as the foundation of NFT culture.

For the broader community, the idea of CryptoPunks changing hands again is a big deal. These NFTs aren’t just collectables; they’re often viewed as digital artefacts that helped launch the entire NFT movement.

Why Might Yuga Labs Sell the IP?

One theory is that a new buyer could position CryptoPunks purely as fine art, distancing it from the hype of daily market swings. CryptoPunks have a certain nostalgic charm because they are among the earliest NFT projects. Seeing them as digital masterpieces, much like paintings in a gallery, could help protect their cultural significance.

Another reason is that Yuga Labs might want to focus on its other well-known projects, such as Bored Ape Yacht Club and a virtual world called Otherside. These ventures require a lot of attention and financial resources. By selling the CryptoPunks IP, Yuga Labs might free up funds to develop new ideas, especially during a challenging market phase where money and manpower are in high demand.

Some also wonder if Yuga Labs is responding to the ups and downs of the NFT market. Prices for many collections have dropped over the past year, and businesses often need to adapt quickly to keep growing. Selling a prestigious brand like CryptoPunks could be a strategic move, allowing Yuga to reinvest in whatever they believe the future of NFTs will be.

Potential Buyers

When a famous brand goes up for sale, people often assume it might be purchased by a massive tech company or entertainment giant. That doesn’t seem to be the case here. Insiders suggest Disney, Meta, and other mainstream players are unlikely to enter the bidding. Instead, the most likely buyer could be a private art foundation, a wealthy collector with a keen interest in NFT history, or a group dedicated to preserving iconic digital collectibles.

Some collectors like @seedphrase have said they might get involved. Another idea floating around is a CryptoPunks DAO. A DAO is basically a community-run group where members can vote on decisions using tokens. This would allow Punk enthusiasts to pool resources and take ownership, so the future of CryptoPunks is guided by those who care about it the most.

Community Reactions and the DAO Proposal

As with any big decision, the CryptoPunks community has mixed feelings. Some holders say that Yuga Labs hasn’t provided a clear plan since buying the collection. They worry a sudden sale could create uncertainty or damage the brand’s reputation. Others see a sale as a chance to return CryptoPunks to a purely art-focused collectible, free from corporate agendas.

Avichal Garg, a well-known figure in the crypto world, floated the idea of a DAO buying the IP, raising funds through a token sale, and using the proceeds for museum exhibitions or brand partnerships. This could help CryptoPunks reach new audiences while rewarding both token holders and Punk owners.

Bitwise CIO Matt Hougan has even voiced support for this kind of approach. Critics, however, question whether a large-scale DAO can really protect CryptoPunks’ heritage without getting tangled in complex governance issues.

Market Impact

The mere hint of a CryptoPunks IP sale sent the collection’s floor price—which is the lowest asking price for a Punk on the market—soaring from around 34 ETH to over 40 ETH. This kind of jump underscores how much market sentiment can be influenced by rumors alone.

Compared to other top NFT collections like Pudgy Penguins or Bored Ape Yacht Club, CryptoPunks remain the heavyweight champion in terms of market cap. Some worry if CryptoPunks get sold, the rest of the Yuga collections (like Meebits) will be left in limbo. It’s still unclear how a sale would affect the rest of the Yuga NFT universe which has over a dozen collections.

Implications for the Broader NFT Landscape

These rumors aren’t just about CryptoPunks; they speak to the bigger picture of how NFTs evolve. In the early days, NFTs were mostly seen as collectibles or pieces of art. Now, many projects promise real-world utility or gaming features, reflecting how broad the space has become. If CryptoPunks shifts back to an “art-first” focus, it might encourage more projects to do the same, moving away from overhyped token sales and focusing on the creative or historical value.

We’re also seeing how companies react during a bear market, when prices and interest drop. Consolidating resources, selling IP or pivoting strategies are all signs of an industry trying to get its footing until things get better.

Scenarios and Predictions

If Yuga Labs sells the CryptoPunks IP we could see a few things. A new owner might leave them as they are and let them be a relic of early NFT culture. Or they might do something new—like gallery shows, branded merch or new tech to enhance the Punk experience. Or a DAO takes over, and Punk owners get to decide the direction of the collection through votes and proposals.

If Yuga Labs decides to hold onto the IP they might put more effort into CryptoPunks. That could mean new features, partnerships or events to showcase what’s unique about Punks. Given how important CryptoPunks are, a new push could get the broader NFT space excited again.

Regardless of who has the IP, CryptoPunks will be important. They were the first NFTs ever, and their pioneer status won’t go away anytime soon.

Conclusion

CryptoPunks stand at an important crossroads, and the outcome of these IP sale rumors could shape the next phase of the NFT world. They’re more than just quirky 8-bit characters; they represent the creative energy that launched an entire ecosystem of digital art and collectibles.

Whether they remain with Yuga Labs or pass into new hands, CryptoPunks will likely keep influencing how we see and value NFTs. This moment offers collectors, developers, and curious newcomers a chance to think about what NFTs should be: art, investment, or something bigger and more community-driven. If you’re a holder or just an enthusiast, it’s worth staying informed and joining the conversation around potential DAO proposals or other community-led solutions.

As the rumours continue to swirl, one truth remains: CryptoPunks will always be tied to the history of blockchain collectables. Their next chapter, whatever it may be, could very well shape the future of NFTs for years to come.

Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Owen Skelton.