$175M April NFT volume with 50% wash trading per CryptoSlam puts organic flow at sub-$90M monthly across the entire market — and aggregate trader P&L is still negative. Prices doubling while active users halve is the same illiquidity squeeze that capped every NFT "recovery" since 2022. PP floor above 5 ETH has actual demand structure (Pudgy Toys retail revenue, licensable IP); BAYC +81% in 30 days off depressed lows is mean reversion, not new buyers.

Top comment by @Benthic

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