Our weekly crypto derivatives analytics report delves into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.

BTC’s rejection of prices above $100K and ETH’s downward bounce near $4K have had a significant impact on derivatives markets. The pullback in spot prices intensified due to liquidations of overleveraged long positions in perpetual swaps, leading to a decline in open interest, particularly in ETH, and a reset of previously high funding rates to lower, yet still positive, levels. 

In the futures market, open interest remains below pre-November 2024 expiration levels, with positions concentrated in the December end-of-year contract. Meanwhile, perpetuals funding rates have been recalibrated following the liquidation wave. In options, ETH’s term structure is inverted, contrasting with BTC’s flat shape, as realized volatility has exceeded forward-looking expectations for the second time since late September.

Please check out the report’s highlights.

The surge in ETH perpetual positions that contributed to last week’s increase in open interest has now reversed. This shift coincides with a sharp decline in funding rates for the contracts, suggesting it was driven by the liquidation of overleveraged long positions. Notably, despite a similar drop in funding rates for long positions, activity in BTC perpetual contracts has remained mostly stable throughout December 2024, spiking only during BTC's brief rise above $100K late last week.

The previously high and exuberant funding rates in nearly all perpetual markets (as noted in last week’s analysis) have subsided following a substantial liquidation of heavily leveraged long positions. Although this shift reflects much lower levels of bullish positioning, funding rates haven’t plummeted to significantly negative levels after the flash sell-off, and are currently trading sideways around 0.01%. This behavior suggests a reset in leveraged exposure, typically seen when expectations for further spot rallies become overly optimistic.

Unlike the balanced levels in BTC options markets, ETH's open interest remains tilted toward bullish calls, primarily set for December’s end-of-year expiration. However, trading volumes have decreased during the recent period of sideways spot price movement. The volatility term structure remains inverted, as longer-dated volatility expectations remain anchored around 70%, while shorter-dated expirations have reacted to spot price fluctuations following the Nov 5, 2024 U.S. elections.

Advanced

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 11, 2024): ETH Perp Positions Fall as ETH Options Still More Bullish Than BTC Options

Learn all about Master Traders in crypto copy trading and how to choose the best Master Trader to maximise your profits even as a novice trader.

 is one of the best ways for traders to emulate the success of established traders and earn profits on par with these market gurus. A well-established strategy in traditional finance, copy trading has also proved itself to be a popular tool in the crypto market. In copy trading, there is perhaps no element more important than choosing the right Master Trader. This choice will make or break your crypto copy trading. Read on to learn all about copy trading and Master Traders to get the most out of your trading.

Copy trading is a popular trading strategy whereby a novice trader or follower replicates orders placed by an established trader with a track record of positive returns, known as a Master Trader. You can choose to manually copy a Master Trader’s strategy, or simply use automated software to copy their orders. For example, 

 for easy and flexible automated crypto copy trading where you can freely communicate with top-tier Master Traders.

Copy trading is often compared to — or even confused with — mirror trading, which is largely a similar strategy in which you precisely follow the market moves of an established trader in an automated fashion. The key difference between copy trading and mirror trading is that the former leaves you room for applying your own customization and judgment when replicating the market moves of your chosen trader. 

Meanwhile, mirror trading mandates following the trader’s moves exactly, even when you disagree with a particular order or strategy.

With copy trading, beginners can become profitable even without deep knowledge of the market and trading methodologies. It’s also a great time saver, as nearly all of it is automated, and relies on the established trader’s moves. Copy trading, similar to other automated trading strategies, also removes the element of emotion from your decisions and performance.

An experienced trader who would like to share their knowledge and trading strategy with others can become a Master Trader. In doing so, they also earn additional profits from their dedicated followers, since no one acts as a copy trading master without being reimbursed for it.

Currently, Bybit supports crypto copy trading only for the Derivatives markets. Traders whose strategies are followed earn 10% fees on profits generated by their followers.

A Master Trader is a trader whose strategies and moves are being copied by others, known as followers. Master Traders have a track record of great performance and positive returns. You wouldn’t want to copy their trades otherwise, would you? They don’t necessarily need to be the biggest names in the market, or have millions of traders following them on social media. Massive fame and celebrity-like status are, thankfully, not a requirement. Great Master Traders often maintain low profiles but deliver results in terms of profitability and 

The primary profit source for Master Traders in copy trading comes from the fees charged on their followers’ returns. Because copy trading is automated, attributing the profits earned by a follower to a specific Master Trader is easy. As noted above, 

In addition to this main profit source, Master Traders also benefit from their activity indirectly by creating a follower base, a great reputational benefit for any trader.

Choosing a good Master Trader (MT) is undoubtedly going to be the key element in your copy trading strategy, particularly if you’re a novice trader. 

You can copy up to ten Master Traders at the same time. However, the settings for each MT are different and independent. It's worth noting that the performance of both USDT Perpetual Trades and Trading Bots created via Copy Trading will be considered when ranking MTs. 

To begin, familiarize yourself with the six categories on the 

 page, tailored to different risk appetites: 

Grasping these distinctions can help you align your risk appetite with the trading approaches of the top MTs, resulting in a smoother copy trading journey and higher chances of success.

 category appeals to those seeking significant short-term returns. Master Traders in this group have achieved the highest ROI in the past seven and 90 days, indicating that they may possess excellent trading skills or have made some high-risk, high-reward trades. However, it's essential to recognize that high short-term ROI doesn't necessarily guarantee long-term sustained profitability.

If you're looking at long-term consistent profitability, the section entitled 

Traders With the Highest Profit for Followers 

showcases Master Traders who have earned the highest profits (in USDT) for their followers and maintained a positive ROI over the past 90 days. Consistent profitability indicates that these MTs could produce reliable profits. 

Nevertheless, past performance doesn't guarantee future results, and you should still exercise caution by assessing each Master Trader's abilities and the risks involved.

 section caters to those interested in day trading. MTs in this group are intraday traders who have achieved an ROI of over 20% and a win rate of more than 50% over the past seven days. Their high returns within a short period — coupled with a higher success rate — suggest that they possess good market insights and quick decision-making abilities suited for intraday trading. Note that the fast-paced nature of day trading comes with inherent volatility, which results in substantial losses if trades don’t move in the anticipated direction.

category is ideal. It consists of Master Traders who have achieved an ROI of over 10% and a maximum 

 of 20% in the past 30 days. These MTs typically demonstrate better risk management strategies and capital management abilities, making them more attractive to conservative traders who prioritize preserving their capital. Nevertheless, it’s still crucial to be aware that, while risks may be mitigated, they aren't fully eliminated, so you may still incur losses.

 category caters to people seeking consistency and balance in risk and return. MTs in this category have actively traded for more than 30 days and achieved a positive 30-day ROI. To verify their consistency, the MT should not have an inactive badge (which is placed on a trader who hasn't opened a position in the Past seven days or traded in the past 14 days). Note that following MTs who demonstrate consistent risk and reward isn’t a foolproof plan as they still face potential losses.

 category are new Master Traders (who might be experienced, but are new on the 

 page). These traders have traded for less than 30 days and achieved a positive 7-day ROI. Calculated risk-takers who are constantly on the hunt for new opportunities will find this category exciting. Naturally, new MTs lack a proven track record, so you’ll need to evaluate each one carefully before choosing an MT from this category.

Tips on Choosing the Best Master Trader for You

While Bybit already helps you filter top traders according to your risk appetite, it’s also important to understand the metrics used to rank the performance of Master Traders in order to make an informed decision when choosing a Master Trader.

It’s not recommended that you simply follow popular MTs with a higher follower count (and even higher cumulative profits) without considering other metrics. This is because an MT's popularity doesn't indicate reliability or guarantee future success. Instead, it’s advisable to balance the popularity indicator with actual performance metrics, as outlined below. 

Total Profit = Current Account Equity − Previous Account Equity − Total Deposits + Total Withdrawals

 (UTA), ROI is calculated in a similar way, but the Total Profit is determined using a more complex formula: 

Total Profit = Realized PnL + Funding Fee Income − Trading Fee + Current Unrealized PnL − Previous Unrealized PnL

While these metrics may offer comprehensive details of an MT's performance, the following criteria are more universally understood and effective for evaluating performance at a glance.

Typically presented as a percentage, ROI indicates an MT's return on an investment. Various factors are considered when calculating the ROI, including the total profit and account equity (wallet balance + unrealized PnL). Unrealized PnL includes positions held in USDT Perpetual trades and Trading Bots. To gauge if a trader has consistent profitability, review their ROI for the past 7, 30 and 90 days.

Win rates reveal an MT's ability to close trades profitably. However, it’s critical to balance win rates with ROI to ensure that an MT’s emphasis on small, frequent wins doesn’t impact their overall profits.

This term refers to the consistency and predictability of a Master Trader's drawdowns over time. In the context of copy trading, it indicates the trader's ability to manage risks in order to prevent erratic or excessively large equity declines. As a follower, especially if you’re risk averse, a lower and stable maximum drawdown (the largest percentage drop from a peak) reflects careful risk management. 

A Master Trader's trading consistency and activity are also crucial factors when making a decision on whose trades to copy. Thus, it’s important to focus on an MT's performance over the past 7, 30 and 90 days. Since the crypto market is highly volatile, it’s essential to establish if the MT has consistently sustained profits across changing market conditions. 

Key factors to consider include the following.

: Metrics like average weekly trades or holding times can determine the aggressiveness or conservativeness of a trader's approach.

: Consider ROI volatility metrics to assess how stable or risky the MT’s returns are.

Becoming a Master Trader on Bybit is a form of investing. You not only get to promote your investing strategy, but you can share in the profits earned by your followers for copying your trading strategy. 

To become a Master Trader on Bybit, you'll need a 

 (either the standard Subaccount, or the Unified Trading Subaccount). 

 that the Unified Trading Subaccount only allows Master Traders to conduct USDT Perpetual trading, while you can trade a variety of other products with a standard Subaccount (which your followers won’t copy).

Once you’ve successfully applied, you'll need to complete new Master Trader missions in the mission center. Completing these missions allows you to be featured on the 

Once you've completed the compulsory missions, you'll enter into Bybit's Master Trader Level System, which is categorized into four tiers: 

. As you gain more followers, you'll be upgraded to the next tier. The higher your level, the greater the perks you unlock. 

There's also a Master Trader Level evaluation, which is done once you complete the required tasks and pass a review by Bybit. You'll be rated based on your account balance, 30-day cumulative profit and maximum drawdown in the past seven days. 

Copy trading is a great way for novice crypto traders to become profitable from Day One of their trading activities by following an established Master Trader. More experienced followers can also improve their returns and save time by adopting copy trading. For Master Traders, copy trading represents a great avenue for additional profits. Thus, no matter your trading experience or success rate, you can reap significant benefits from copy trading.

Beginner

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How to Choose a Master Trader to Magnify Profits (Complete Guide)

Ubisoft and Arbitrum are launching a Web3 shooter game, Captain Laserhawk, on December 18th. 

Daily Top Performer — Sui Network (SUI)

The S&P 500 rose 0.82%, boosted by positive inflation data. Investors are now looking ahead to producer inflation data and earnings reports. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 6.02%, with Bitcoin and Ether rising by 5.11% and 5.41%, respectively in the past 24 hours.

Today's top performer is SUI, which surged 30.9% after Backpack announced a partnership with Sui to expand its crypto ecosystem.

Sui Network (SUI), launched on May 3, 2023, is a Layer 1 blockchain designed by Mysten Labs to enhance web3 functionality and scalability, focusing on smart contract efficiency and NFT gaming development. The project is led by former Meta executives from the Novi digital wallet team. 

, a popular crypto exchange and wallet. This collaboration aims to enhance the user experience for both platforms, providing Sui users with a reliable wallet solution and expanding Backpack's user base to include Sui enthusiasts.

Check Out the Latest Prices, Charts, and Data of 

Ubisoft and Arbitrum are launching a Web3 shooter game, 

, on December 18th. 1  The game will feature characters from various Ubisoft franchises and will utilize NFTs and blockchain technology on the Arbitrum network. 2  This launch signifies a step forward in Web3 gaming, with growing interest and investments in the sector. 

Yesterday, the total inflows into Bitcoin spot ETFs reached $223.1 million. Grayscale Bitcoin Trust (GBTC) saw inflows of $20.1 million, while other non-GBTC funds attracted $203.0 million. 

If you received the FRAME airdrop in December 2023, you're likely eligible for an 

 on the Abstract chain. The FRAME allocation has been integrated into Abstract's loyalty system, suggesting similar qualifications for both airdrops.

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Ubisoft and Arbitrum Team Up for Web3 Shooter Launch

A crypto trading competition is a contest where traders do their best to earn the highest return on their investment. Discover the benefits of joining one here!

Competitions aren’t only about winning, though rewards are definitely an attractive boon. Rather, they serve the important purposes of seeing how well you stack up with others and pushing yourself to improve in a wide variety of ways. Honing your skills is particularly helpful during a crypto bull market, a time where traders might see more gains than losses. Moreover, the rewards given out during a crypto trading competition will definitely help you capitalize on the bullish trend. But before you join a crypto trading competition, it’s important to understand what the contests entail and the specific benefits that you can expect.

A crypto trading competition is a contest sponsored by a broker or its affiliates where traders do their best to earn the highest return on their investment. Both the initial investment amount and the contest time period are moderated during the contest.

As you get better acquainted with crypto market trading competitions, you will find both live and demo contests offered by various exchanges and platforms, including Bybit. Live contests use real trading accounts and real assets, and demo accounts are used for demo contests. 

Contest participants may need to meet specific requirements, such as having a minimum amount of assets in their account or having other qualifications. The specific rules for these contests and how winners are determined vary as well. Some contests, for example, may limit the markets that the participants can trade in. For a trader to get the most out of a crypto trading contest, the contest should use or simulate actual 

The length of these competitions may vary from 24 hours to more than two weeks. Winners may receive cash or crypto prizes in many cases, and prizes are usually disbursed at the end of the contest even if daily prizes are awarded.

Benefits of Joining a Crypto Trading Competition

During a bull market, many crypto traders may be eager to invest. They may have already enjoyed significant financial gains, or may be excited about the potential for further profits as the crypto market trends upward.

In the current bull market, there are great opportunities for traders to generate profits and enjoy other benefits. By participating in a crypto trading competition, you could take advantage of the significant benefits that contribute to your potential success in exciting ways. What are the top benefits of crypto trading competitions?

In a bull market, asset values are higher than average, and traders have positive sentiments about the market. Your own trading activity may increase as well because of the trading gains that you’ve experienced and a decreased aversion to risk. 

However, the prizes for a crypto trading competition can also be significant. Often, these contests have multiple winners, and this expands your opportunity to gain financially from your participation. Your crypto trading competition winnings can augment your trading gains in the bull market and motivate you to continue to look for opportunities for financial gain.

Crypto traders can gain a significant amount of knowledge by reading about trading activities and strategies, but nothing compares to the value of real-life experience. Live trading allows you to test your knowledge and strategies, and these experiences can guide your future trading activities. Competitions in the current market uptrend may be particularly advantageous as they can open your eyes to opportunities that exist in real life rather than in theory.

Whether you are a new crypto trader with untested skills or you are looking for ways to improve your skills and increase gains, refining your trading skills is essential. Upgrading your trading skills and strategies can elevate your confidence. Confidence may soar in a bull market, so boosting your confidence can help you to make trading decisions based on knowledge and experience rather than on emotion.

By checking out some of the winner boards for previous crypto trading competitions, you’ll undoubtedly see impressive gains that may seem unattainable to you. After all, during a bull market, traders tend to make larger or riskier trades to maximize their gains. However, a crypto trading competition may inspire you to be more aggressive with your trading strategies than you may be without unnecessarily exposing yourself to potential losses.

You know what your real-life returns on trading in the crypto market have been, but how do you compare to other traders? A crypto trading competition holds many factors steady, such as markets you can trade in and the amount of your starting investment. A competition makes it easier to make an apples-to-apples comparison with other traders. Do you want to know how you stack up to people in your investment group? Simply get them to participate in the competition to find out. In addition, you will have bragging rights if you win the competition.

Managing risk and mitigating exposure to loss are important aspects of success in crypto trading regardless of the market conditions. Still, you may wonder if you are being too conservative with your trading strategy. If you participate in a trading competition, you can learn about the actual risks and rewards for strategies that you may otherwise not be inclined to try. A crypto trading competition also gives you the opportunity to test different risk management strategies and to compare your results with others to see how your strategies stack up.

You may have developed a trading strategy that works well for you based on your established trading activities, but can you replicate the same results with other types of crypto assets? In a crypto trading competition, you can test your strategy under different parameters. By doing so, you may be able to fine-tune your strategy so that it is even more profitable in a market uptrend or to prepare yourself for a bear market down the road.

Encourage You to Get Out of Your Comfort Zone

The most successful people often place emphasis on getting out of their comfort zone. They have come across great opportunities by moving away from what is familiar and known, which could hold true for you in the crypto market. A crypto trading competition exposes you to new trading strategies, and it encourages you to think creatively to improve rather than stay in a comfortable rut. As a result, you could see greater results from your crypto trades by getting involved in competitions from time to time.

Bybit has hosted several prominent crypto trading competitions in recent years. These competitions have provided traders with excellent opportunities to earn prizes and hone their crypto trading skills. In addition, they have been able to test new strategies and compare their strategies with other traders. What are some of the most notable trading competitions hosted by Bybit recently?

 (World Series of Trade) was once again hosted by Bybit in 2024, with a total prize pool of 10,000,000 USDT. Competitions at WSOT 2023 included a Squad Showdown, Copy Trading Fest, Buddy Rally and 

 USDT each, while the prize pool for the 

was 1,000,000 MNT. In addition, Bybit contributed to the 

75 ETH to sponsor Ethereum’s first Attackathon

 to support the growth of the crypto industry. The WSOT 2024 broke its previous records 

with over 77,000 traders from 161 countries generating $100 billion in trading volume. 

 is an event with monthly trading competitions designed to test and reward traders' skills throughout the year. Users can trade any Derivatives contract, including USDC contracts, and win exclusive prizes such as BTC and USDT. The event also shines the spotlight on five of the biggest events of 2024: Wish Upon a Bitcoin, BTC Halving Event, VIP Grand Prix Series 3, VIP Gala 2024 and Bybit’s 6th Anniversary. 

SEA Games Derivatives Trading Competition

 features two main events, the Squad Trading Volume Competition and Squad PnL (%) Trading Competition, with a total prize pool of 120,000 USDT, held from May 8, 2024, 10AM UTC to May 31, 2024, 10AM UTC. For the Squad Trading Volume Competition, squads were ranked based on their Derivatives trading volume. On the other hand, squads participating in the Squad PnL (%) Trading Competition were ranked based on their Derivatives trading PnL (%). In addition, participants who have made their first-time deposits of at least $100 via P2P during the event received a $10 airdrop at the end of the competition.

Bybit hosts several crypto trading tournaments throughout the year for traders to compete. These competitions present crypto traders with great opportunities to test their strategies, refine their skills, win lucrative prizes and take advantage of other benefits. Whether you're looking to boost your trading prowess or enjoy exclusive perks, joining a Bybit trading competition can be a highly rewarding and enriching experience.

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Benefits of Joining a Crypto Trading Competition During a Bull Market

From Pak's "The Merge" to Beeple's "Crossroads", find out all about the most expensive NFTs in the world and why they are so expensive.

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Non-fungible tokens, or NFTs, have been making headlines lately as their prices have soared to astronomical heights. They've changed the way people view art — and investors have noticed. In 2021, the NFT market generated 

. While the hype has died down a bit in the last few months, the market is still going strong.

So, what exactly are NFTs? Simply put, they’re unique digital assets that cannot be replaced. That's because each NFT is stored on a blockchain, a decentralized ledger that records all transactions. This makes NFTs immutable, meaning they cannot be altered or duplicated.

Will the NFT market continue to grow? Only time will tell. For today, we’ll look at the 17 most expensive 

Before we move on to the list, we should answer one frequently asked question: Why are NFTs so valuable?

First and foremost, they're unique. For instance, the first-ever tweet was minted and sold for a 

 — although it didn't even crack our list. The person who bought it, businessman Sina Estavi, said, "

" For Estavi, it's a piece of history and it's worth every penny.

Another reason ‌NFTs are valuable is that they're scarce. For example, CryptoKitties only has a limited supply of digital cats, so when someone buys one of these kitties, the floor price rises because there are fewer kitties available for purchase.

Of course, it's also a matter of status. If the NFT you're buying is rare or made by a popular artist, you're going to have to pay a premium. After all, not everyone can say they own a Beeple NFT.

Additionally, keep in mind that not all NFT art is expensive. An average NFT 

. We only get to hear about NFTs whenever there's been a major sale because, well, it's newsworthy.

It's the same with physical art. You only hear when someone has paid multiple millions for an art piece, and never hear about the sales that were made for a few hundred bucks.

The NFT space is still in its infancy. It will continue to grow and go through changes. That means record sales will be broken, and new artists will emerge. So this list is subject to change!

But for now, these are the 17 most expensive NFTs ever sold.

1. Larva Labs: "CryptoPunk #9998" (Sold for $529.77 Million)

Technically, this Punk is the most expensive piece of NFT art ever sold. However, some people don't consider the sale valid. 

In October 2021, the owner of #9998 bought the Punk from himself using a 

. He then used the same transaction to repay the loan. This incredible transaction is akin to a 

 in a conventional securities market. While technically valid, the Larva Labs website announced that they had rejected the bid.

2. Pak: "The Merge" (Sold for $91.8 Million) (The Actual Top-Selling NFT)

For many years, Pak has been one of the biggest names in the industry, selling thousands of NFTs on platforms like SuperRare, Sotheby's and Nifty Gateway. So it’s not surprising that 

 broke the record for the largest-ever NFT sale by a living artist. It was sold for $91.8 million on Nifty Gateway in December 2021.

The Merge collection showcases the use of blockchain technology to create digital art. Powered by Gemini, its unique 

mechanism rewards collectors who bought multiple units of “mass” during the sale period of two days, an NFT that grows bigger when more “mass” is consolidated. 

More than 28,000 collectors gathered to purchase over 312,000 units of "mass" that were later merged to create the final NFT.

3. Beeple: "Everydays: the First 5000 Days" (Sold for $69.44 Million)

You surely knew that this one was coming. The dynamic NFT by Beeple is the third most expensive NFT ever sold. It comprises 5,000 different images.

Beeple started working on the piece in May 2007. He posted single pieces continuously for the next 13 years. The art was bought by a crypto entrepreneur and investor, MetaKovan, for over $69 million at Christie's.

Following the sale, Beeple became a huge celebrity, gaining 1.8 million Instagram followers and collaborating with brands like Louis Vuitton and Nike.

4. Pak x Assange: "Clock" (Sold for $52.7 Million)

"Clock" is an NFT that came from the “Censored” NFT collection, a collaboration between the anonymous artist Pak and Julian Assange, the incarcerated creator of WikiLeaks. The NFT counts down the number of days Assange has spent in prison.

In February 2022, it was bought for nearly $53 million by 10,000 members in the 

. The AssangeDAO was established in December 2021 to free Julian Assange, who faces extradition to the U.S. and a possible life sentence. 

5. Beeple: "HUMAN ONE" (Sold for $28.9 Million)

 is one-of-a-kind. A physical/digital hybrid, it was the first NFT sold by a major auction house, Christie’s, during Christie’s 21st Century Evening Sale in November 2021. 

The 3-D video sculpture is displayed in a box that has four screens on a constant loop, projecting the image and giving it the appearance of a moving painting. It comes with an NFT, which contains a smart contract specially coded for Beeple to retain control over the image display so that it will continuously evolve.

6. Larva Labs: "CryptoPunk #5822" (Sold for $23.7 Million)

Brace yourself for a series of CryptoPunks: This is the most expensive Punk of all time, sold in February 2021 for 8,000 ETH (approximately $23.7 million at that time). This Alien Punk has one signature trait, the blue bandana on its head. For a long time, #5822 was one of the most expensive NFTs ever sold.

The current owner is Chain’s CEO Deepak Thapliyal, who bought it using Compound Finance's DeFi Protocol. This means that Thapiliyal took out a 

7. Larva Labs: "CryptoPunk #7523" (Sold for $11.75 Million)

In June 2021, a combination of the COVID-19 pandemic and NFT hype led to the nearly $12 million sale (2,500 ETH) of this Alien Punk wearing a medical mask. For a long time, it was the most expensive Punk ever sold (until #5822 broke the record).

There are only nine Alien Punks in existence, and this one has three distinctive attributes. Apart from the medical mask, the Punk wears a knitted cap on its head and has a gold ear piercing. There are no listed bids for #7523, and since it was sold, it has remained at the same address.

8. Larva Labs: "CryptoPunk #4156" (Sold for $10.26 Million)

The owner and namesake of Punk#4156 sold it to an anonymous collector, 0x4c1194, for 2500 ETH, or more than $10 million at point of sale. Its value is due to its rarity. After all, there are only 24 Ape Punks out of the 10,000 set collection.

9. Larva Labs: "CryptoPunk #3100" (Sold for $7.58 Million)

CryptoPunk #3100 is an Alien Punk wearing a headband. With only 4% of all the punk profiles wearing headbands, this NFT is considered relatively rare. It sold for 2,500 ETH back in 2021 to 0x7b8961, who also owns several other punks, including Actor Punk #47 — Bruce Willis, Singer Punk #3 — Britney Spears, and Sailor Punk #0, among multiple others. 

10. Larva Labs: "CryptoPunk #7804" (Sold for $7.56 Million)

In the next spot is another Alien Punk. It was sold in March 2021 to a user by the name of Peruggia. The name “Peruggia” may be a direct reference to Vincenzo Peruggia, the famous thief who stole the Mona Lisa in 1911. After all, the former owner and Figma CEO Dylan Field 

11. XCOPY: "Right-click and Save As guy" (Sold for $7.09 Million)

This GIF portrait was sold for 1,600 ETH, and it was also created by the notorious XCOPY. Created four years ago, there's only one edition of this NFT, and it's been listed on SuperRare.

 of all time, typically known for dystopian work, but this NFT takes a more light-hearted tone. 

It’s actually more of a parody, mocking the non-NFT users who don't understand how NFTs work, and claiming that they can easily save an image on their computers for free instead of spending millions of dollars.

12. Dmitri Cherniak: "Ringers #109" (Sold for $6.93 Million) 

Cherniak is a famous digital artist, situated in New York City. The Ringers, one of his notable collections, features 1,000 pieces, with a total trade volume of nearly $73 million. The most expensive piece, Ringers #109, sold for over $6.9 million in October 2021. The Ringers collection is generated through a unique transaction hash, making each NFT a truly individualistic piece of art. 

Since it was originally sold, the NFT artwork has exchanged hands multiple times. It's now owned by an anonymous OpenSea user that goes by 55FAF0.

13. Larva Labs: "CryptoPunk #8857" (Sold for $6.63 Million)

Zombie Punks were all the rage a few years ago. This one features a wild hairstyle and 3D glasses. It's one of the 88 total Zombie Punks, and it sold for 2,000 ETH back in May 2018.

At the time of the purchase, it was worth over $6.6 million. It's owned by the user who goes by 0xdf37ac. This punk isn't listed for sale on any of the major NFT marketplaces.

14. Beeple: "Crossroads" (Sold for $6.6 Million)

"Crossroads" is another one of Beeple’s famous digital artworks sold for a record $6.6 million on Nifty Gateway. The work shows the former American president Donald Trump, with graffiti drawn on his skin after his loss during the 2020 presidential elections. Anti-Trump imagery has been popular among artists, and this piece is no different.

That said, Beeple had also created a positive version just in case Donald Trump won the election.

15. Ross Ulbricht: "Ross Ulbricht Genesis Collection" (Sold for $6.2 Million)

This piece of art has some fascinating history behind it. Called "Perspective," it was hand-drawn by Ross Ulbricht in pencil while in prison. It's a part of the artist's 10-piece series, the “Genesis Collection,” which was sold as a 

A part of the proceeds from the sale of the collection will be used to fund efforts to relieve the suffering of incarcerated people and their families. The remaining funds will be used to fund Ulbricht's legal defense.

The decentralized autonomous organization called 

 bought the collection for 1,446 ETH, which was around $6.2 million at the time. The foundation originally raised 2,836 ETH from over 4,000 members across the globe. 

More than half of that money was subsequently used to secure the landmark NFT. 

16. XCOPY: "All Time High in the City" (Sold for $6.19 Million)

’s usual style, featuring a skeletal ferryman transporting a man across the River Styx. The title of the piece is "All-Time High in the City" and it was also minted on SuperRare in 2018. 

In January 2022, it was bought by rarecollector3000 for nearly $6.2 million. Currently, it's listed on SuperRare for more than 33,666 ETH, about $39 million today. It seems a little overpriced, especially in the current landscape, but who knows — maybe, one day, someone will pay that much for it.

17. XCOPY: "A Coin for the Ferryman" (Sold for $6.03 Million)

17 Most Expensive NFTs Ever Sold

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