• Ether fell about 3% in early New York trading, tracking bitcoin lower as risk appetite stayed thin.
• Large bitcoin holders bought about 53,000 coins over the past week, Glassnode data showed, even as broader participation lagged.
• Recent market commentary has pointed to museum NFT pilots and creator payouts as a potential demand tailwind for Ethereum, though price trends remain weak.

Ether slid again on Wednesday, falling about 3% to around $1,946, while bitcoin was down a similar amount near $66,828 in early New York hours.

The move matters because crypto has been looking for a floor after a sharp selloff and persistent withdrawals from exchange-traded funds (ETFs), stock market products that let investors buy crypto exposure without holding the tokens directly.

In that kind of tape, small shifts in “real” usage start to matter more than narrative. Supporters of Ethereum have leaned on non-fungible tokens (NFTs) and creator payouts as one of the few areas still generating fresh projects.

“ETH remains in a bearish structure overall after breaking down from the $2,800 to $3,000 range,” said Rachael Lucas, an analyst at BTC Markets, blaming macro “risk-off” sentiment for the renewed slide. A Bloomberg report also flagged billions of dollars in net outflows from both bitcoin and ether ETFs since early October.Co

Bitcoin has drawn support from “whales” — crypto slang for big holders — but the buying has been narrow. Wallets holding more than 1,000 bitcoin accumulated roughly 53,000 coins in the past week, Glassnode data showed; “it does slow down any downfall, but we still need to see more money coming into the market,” said Brett Singer, head of sales at Glassnode. Long-time crypto investor Bruno Ver was blunter: “But we’re still in the storm now.”Co

Filmo Gaz struck a similar tone in a Corning-focused piece, saying Ethereum’s ecosystem is being used for digital art authentication and collector interaction in both museums and virtual galleries — a pitch that frames NFTs as infrastructure, not just collectibles.Filmogaz

The competitive pressure is real. Ethereum remains the biggest venue for NFTs, but rivals like Solana have fought hard for trading volumes, while bitcoin has developed its own NFT-like corner that doesn’t rely on Ethereum-style smart contracts.

A Feb. 4 press release carried by Digital Journal described “bitcoin NFTs” as on-chain “inscriptions” that use the Ordinals system — a method that tags individual satoshis, the smallest unit of bitcoin, so data can be attached and tracked through normal bitcoin transactions. That approach emphasizes permanence and simplicity, but it can also increase demand for limited block space and push fees higher during busy periods.Digitaljournal

But there are obvious ways this could go sideways. NFTs are still emerging from a boom-and-bust cycle, creator payouts remain contentious across marketplaces, and a risk-off macro backdrop can swamp any “utility” story for weeks at a time. Even the whale buying that steadied bitcoin could fade if prices keep sliding and ETF outflows persist.

For now, traders will be watching whether ether can hold near the psychologically important $2,000 area, whether big holders keep adding bitcoin, and whether the museum-and-creator narrative turns into measurable on-chain demand rather than just another attempt at wishful math.