Pudgy Penguins leads volume as ETH slides to $2,114 on Iran risk-off: May 19 blue-chip NFT floor briefing

ETH broke to $2,114 during Tuesday's session — down $73 (-3.3%) from the May 17 baseline of $2,187 — after Trump's May 18 announcement calling off planned Iran attacks triggered a broad risk-off move across crypto and equities. 1 US spot BTC ETFs logged their largest single-day outflow since January 29 at $648.64M on May 18; spot ETH ETFs added $86.31M in outflows, extending their streak to six consecutive days. 2 Combined, the crypto ETF exit on Monday came to roughly $726M. 3

The ETH drop compounds the USD value of every floor in the table below. A collection flat in ETH terms still delivers ~$160 less per item than it did at the May 17 baseline.

Quick scan — May 19, ~14:00 CST

Collection	Floor (ETH)	Δ ETH vs May 17	Δ %	24h Vol (ETH)	Listings (% supply)	Bid (WETH)
BAYC	5.10 OS / ~10.31 Blur†	—	—	25.56	2.8% (~280)	4.97
CryptoPunks	28.98	−3.91	−11.9%	0.00 OS‡	10.6% (~1,060)	—
Pudgy Penguins	4.3799	−0.4501	−9.3%	67.05	2.8% (~249)	4.37
Azuki	0.904	−0.016	−1.7%	13.09	4.8% (~480)	0.857
Doodles	0.4969	+0.0169	+3.5%	2.89	2.6% (~260)	0.473

† BAYC OpenSea reading is anomalous — see section below. All secondary sources and social data point to ~10 ETH range on Blur. 4 ‡ CryptoPunks has zero volume on OpenSea; all trading occurs on the Larva Labs native marketplace. 5

OpenSea's collection page showed BAYC at 5.10 ETH as of today's snapshot — a reading 48% below the May 17 OpenSea baseline of 9.79 ETH — with a top bid of 4.97 WETH and only ~280 items listed (2.8% of supply). 6 The 1-day floor change on OpenSea reads −2.5%, suggesting the bulk of any decline would have occurred in the prior 24h — yet no volume spike or sell event was detected in the window.

Blur and secondary sources tell a different story. BlockBeats citing Blur data reported BAYC at 10.31 ETH on May 18, up more than 80% from an April low near 5.6 ETH, with the floor briefly touching ~12 ETH earlier in the recovery. 4 7 @Manhattangnfts on X confirmed the ~10 ETH range at 22:48 UTC May 18, framing it as a doubling from 5 ETH over the past month. 8 Crowdfund Insider published analysis on May 17 echoing the same ~10 ETH figure, with Yuga Labs CEO Michael Figge characterizing the recovery as a correction from oversold conditions. 9

The discrepancy between OpenSea's 5.10 ETH and Blur's ~10.31 ETH — a 102% gap — cannot be resolved from available data. Possible explanations include a stale or cached OpenSea render, a marketplace-specific supply imbalance, or a brief OpenSea-specific sell event not captured elsewhere. Treat OpenSea's BAYC floor as unverified for today's session; the Blur-corroborated ~10 ETH range carries more weight given multiple independent sources.

24h volume on OpenSea: 25.56 ETH (~5 estimated sales at floor). 6

CryptoPunks: floor down 11.9% from baseline, Larva Labs market opaque

CryptoPunks fell from 32.89 ETH (May 17 baseline) to 28.98 ETH, a decline of 3.91 ETH (−11.9%) over the 48-hour window. 5 The 1-day floor change reads −0.4%, so most of the drawdown occurred before yesterday. OpenSea recorded zero 24h volume — effectively all CryptoPunks trading happens on the Larva Labs native market, which was not directly tracked this cycle. Of 10,000 supply, roughly 1,060 items are listed (10.6%) — the highest listed percentage among all five collections, suggesting meaningful supply available at or near floor.

The 45-Punk sweep for ~2,000 ETH reported just before this window's start (May 17–18) had no detectable follow-up within the 29h window. No bid data was available on OpenSea for Punks.

Pudgy Penguins: leads the session on volume, tightest bid-ask in the cohort

Pudgy Penguins logged 67.05 ETH in 24h volume — the highest across all five collections and roughly 2.6× the combined volume of the other four. 10 Floor sits at 4.3799 ETH, down 0.4501 ETH (−9.3%) from the May 17 baseline of 4.83 ETH. The 1-day floor change of −3.3% is the steepest single-day decline among the five.

The bid-ask spread is the tightest in this session: top bid at 4.37 WETH vs a 4.3799 ETH floor — a 0.01 ETH gap (0.2%), signaling active buyer interest near current levels. 10 Active listings stand at ~249 (2.8% of 8,888 supply), making depth comparable to BAYC. An aggregated floor across marketplaces puts Penguins at 4.75 ETH, per NFT Price Floor data — above the OpenSea reading by 8.3%. 11

PENGU token traded at $0.0086 ($541.6M market cap) on May 19, up roughly 2.4% on the day — the token and NFT floor continue to price independently. 12

Azuki: most stable ETH floor, but supply overhang persists

Azuki moved the least in ETH terms: 0.904 ETH, down 0.016 ETH (−1.7%) from the May 17 baseline of 0.92 ETH. 13 The 1-day floor change of −2.8% signals acceleration over the most recent 24h despite the smaller baseline drawdown. 24h volume: 13.09 ETH (~14 estimated sales). Top bid: 0.857 WETH — a 5.2% spread below floor, the widest among the five.

The listing picture remains the primary concern: ~480 items listed (4.8% of 10,000 supply) — the highest supply-to-listing ratio in the cohort. With a sub-1 ETH floor and ETH under macro pressure, this overhang keeps mechanical downside open. Blur-specific Azuki data was unavailable this cycle; the direct marketplace comparison cannot be made.

Doodles: only positive vs baseline, but volume is paper-thin

Doodles is the sole green entry this session: 0.4969 ETH, up 0.0169 ETH (+3.5%) from the May 17 baseline of 0.48 ETH. 14 The 1-day floor change dipped −0.6%, suggesting the gains were concentrated in the May 17–18 period.

The signal is weakened by volume: 2.89 ETH across an estimated 6 sales — the lowest of the five and less than 5% of Pudgy Penguins' output. At that volume, floor moves can reflect a single buyer or seller rather than aggregate demand. Top bid: 0.473 WETH, a 4.8% spread. Listings at ~260 (2.6% of 9,998 supply) are the tightest in the group.

Sweeps and large sales

No sweep events or individual large sales were detected within the 29h window (May 18 14:13 UTC → May 19 19:00 UTC) across all five collections. 15 The CryptoPunks 45-item, ~2,000 ETH sweep mentioned in the prior session occurred at or before the window's start and had no documented follow-up accumulation.

Cross-marketplace notes

BAYC: Blur ~10.31 ETH vs OpenSea 5.10 ETH — 102% discrepancy, origin unresolved. Blur data sourced from Bitget/BlockBeats, corroborated by X social; OpenSea figure not cross-validated. 4
Pudgy Penguins: NFT Price Floor aggregated reading (4.75 ETH, 1 sale, 4.69 ETH 24h volume) is above the OpenSea floor (4.3799 ETH) by 8.3%. 11 The gap falls outside the 2% routine-noise threshold and may reflect Blur bid concentration.
CryptoPunks: Zero Blur activity; all price discovery on Larva Labs native market.
Azuki / Doodles: Blur-specific floors unavailable this cycle — Blur.io anti-bot measures blocked direct access.

Session read

The macro backdrop is unambiguously negative: ETH at a five-week low, ETF outflows accelerating for the sixth straight day, and risk appetite down following a geopolitical pivot. 1 3 Against that, Pudgy Penguins' 67 ETH volume and a 0.01 ETH bid-ask spread are the clearest demand signal in today's data.

The BAYC floor discrepancy is the highest-stakes data quality issue for holders with active positions. Until the OpenSea 5.10 ETH reading is reconciled against Blur's ~10.31 ETH, execution at OpenSea listed prices carries meaningful basis risk — a buyer paying 5 ETH on OpenSea for an item that bids at ~10 ETH on Blur may be taking an arbitrage loss, not a floor buy.

CryptoPunks' 10.6% listed supply — the heaviest in the group — combined with its opaque Larva Labs volume makes the collection the hardest to read. Azuki's 4.8% listing rate and accelerating 1-day floor decline (−2.8%) position it as the clearest supply-overhang risk in ETH terms.