NEW YORK, Feb 11, 2026, 03:35 EST
- Ether dropped roughly 3% in early New York trading, following bitcoin down as risk appetite remained weak.
- According to Glassnode data, large bitcoin holders snapped up roughly 53,000 coins in the past week, despite weaker activity from the wider market.
- Recent market chatter highlights museum NFT pilots and creator payouts as possible drivers of demand for Ethereum, even as its price trends stay sluggish.
Ether dropped roughly 3% on Wednesday, slipping to about $1,946. Bitcoin mirrored the decline, dipping close to $66,828 during early trading in New York.
This move is significant as crypto seeks solid ground following a steep selloff and ongoing ETF withdrawals. These exchange-traded funds allow investors to gain crypto exposure without owning the tokens themselves.
With that type of tape, tiny changes in actual usage begin to outweigh the broader story. Ethereum backers have pinned their hopes on non-fungible tokens (NFTs) and creator payouts, seeing these as among the scarce sectors still spawning new projects.
“ETH is still stuck in a bearish pattern after dropping below the $2,800 to $3,000 range,” said Rachael Lucas, analyst at BTC Markets, pointing to broader macro “risk-off” sentiment for the renewed sell-off. A Bloomberg report highlighted billions of dollars flowing out of both bitcoin and ether ETFs since early October. Co
Bitcoin has found backing from “whales” — crypto jargon for large holders — but the buying remains limited. According to Glassnode, wallets with more than 1,000 bitcoin added around 53,000 coins last week. “It does slow down any downfall, but we still need to see more money coming into the market,” said Brett Singer, Glassnode’s head of sales. Veteran crypto investor Bruno Ver was more straightforward: “But we’re still in the storm now.” Co
One angle in the Ethereum rally centers on NFTs—blockchain-backed certificates proving ownership of digital assets like art—and the “royalties” baked into some NFT platforms that automatically pay creators on resales. A Feb. 10 note from market commentary site Meyka highlighted museums and galleries experimenting with Ethereum NFTs for provenance tracking and ticketing. It also argued that these coded payouts could stabilize creator income and encourage on-chain activity. Meyka
FilmoGaz took a similar angle in a Corning-focused article, highlighting how Ethereum’s ecosystem supports digital art authentication and collector engagement in museums and virtual galleries alike — positioning NFTs more as infrastructure than mere collectibles. Filmogaz
Competition is intense. Ethereum still dominates the NFT scene, but challengers like Solana have aggressively pursued trading volumes. Meanwhile, Bitcoin has carved out its own NFT-like niche, sidestepping Ethereum-style smart contracts entirely.
A Feb. 4 press release shared by Digital Journal detailed “bitcoin NFTs” as on-chain “inscriptions” created using the Ordinals system — a technique that tags individual satoshis, bitcoin’s tiniest units, allowing data to be attached and tracked through standard bitcoin transactions. This method prioritizes permanence and simplicity but can also strain limited block space, driving up fees during peak times. Digitaljournal
But there’s plenty of room for things to unravel. NFTs are just coming out of a boom-and-bust phase, payouts to creators are still a hot topic across platforms, and a risk-averse macro environment can drown out any “utility” narrative for extended periods. Even the whale purchases that propped up bitcoin might dry up if prices continue to fall and ETF outflows don’t let up.
Traders are keeping an eye on whether ether can stay close to the crucial $2,000 mark, if major holders continue stacking bitcoin, and whether the museum-and-creator story actually drives real on-chain activity instead of just serving as hopeful speculation.
