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  • ExtraOrdinal Daily #133 | Black Eyes, Bright Future: Are Ordinals Back?

ExtraOrdinal Daily #133 | Black Eyes, Bright Future: Are Ordinals Back?

26th Feb 2025 ||| Issue #133
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Table of Contents

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Todays Top Stories

Black Eyes, Bright Future

Yesterday, Ordinal Maxi Biz (OMB) successfully minted out its Black Eyes collection—3,760 unique, hand-drawn inscriptions—despite one of the toughest market environments in recent memory. While OMB holders and supporters expected a sellout, sentiment was split as others doubted whether demand would hold given the broader downturn and mint price.

Even with Bitcoin down sharply and liquidity at a low, the mint raised over $7 million in a 9 hour period, with each piece priced at 0.021 BTC (around $2,000 at recent rates).

Black Eyes expands OMB’s total supply to over 9,000 pieces. Leading up to the mint, skeptics predicted that secondary prices would immediately drop below mint. Instead, as MrMelo.sats noted, the collection sold out and the price has been steadily supported, proving that there was still demand despite market conditions.

Today, secondary market activity has been strong: top sales hit 0.1 BTC, the floor settled at 0.029 BTC (a $700+ profit for early flippers), and 24-hour trading volume exceeding 24 BTC.

This mint didn’t happen in a vacuum. The broader market was reeling—Bitcoin had crashed, sentiment around Ordinals had been declining for months, and infighting between Ordinals and Runes supporters had added to uncertainty.

The fact that Black Eyes minted out on one of the worst sentiment days in recent history is telling: despite everything, the demand for top Ordinals projects is still very much alive.

Some, like @OnchainNerd, argued that raising $7 million in a weak market was aggressive, but the market still absorbed it without collapsing.

What this means for Ordinals as a whole is the bigger question.

As Bweys pointed out, three of the top four Bitcoin collections currently have floor prices under 2 ETH. Compare that to Ethereum’s leading collections—Bored Apes at 12 ETH, Pudgy Penguins at 9 ETH, and Miladys just under 4 ETH. Even at the lower end, those floors are nearly double the prices of OMB, Bitcoin Puppets, or NodeMonkes.

So, why the gap? Is it just a matter of market cycles, or is Bitcoin still being undervalued when it comes to digital collectibles? Could we be looking at a violent repricing on the cards?

Users tend to be hesitant toward change. Ethereum has a large, established base, and while the user experience on Bitcoin Ordinals is largely similar to that of trading on Opensea now, that messaging hasn’t translated as smoothly for many.

For all the uncertainty in the market right now, the Black Eyes mint is a reminder that quality projects with strong communities can still thrive, even in tough conditions. When the broader market finds its footing again, Ordinals are well-positioned to lead.

For now, one thing is clear: OMB didn’t just survive the storm. It thrived in it.

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Todays Markets

Ordinals

Much like it was unsurprising to see OMB drop in price during the Black Eyes mint as minters started listing, it’s also unsurprising to see them top the volume charts today after clocking in 747 sales and counting, amassing 24.57 BTC in sales volume since yesterday’s issue went live.

It looks as though some of those funds have flowed back into NodeMonkes and Bitcoin Puppets, perhaps OMB minters buying back the assets they sold to get liquid for it.

Or perhaps, like we say in the headline feature story, these collections are undervalued and are buoyed by the good showing from the OMB mint-out, and buyers are anticipating a surge on other collections now.

The bottom half of the top 10 today looks beautiful, with all of them in the green and rising well. Based Angels is a huge winner today, rising 40%, but still well under 0.01, where it held as its anchor for so long a few months ago. Natcats are never too far behind or in front of Based Angels, and they enjoy a good day also.

Slowly but surely. No more bottom calls, though, not ever.

Runes (Bitcoin Memecoins)

The chart for runes today looks rather tepid in comparison to Ordinals, but at least $DOG is once again maintaining volume well over 1 BTC over the 24-hour period.

The same can’t be said for 2nd through 10th, with even $MIM barely able to break half a Bitcoin worth of sales.

Out of shot, $POOKA fails to make the top 10 despite the OMB connection, coming in 16th today with only $588 in volume.

$SAIKO returns to the top 10, and $NMS, a newer low cap that keeps drawing sales in over more established low caps, features in 9th place. One to watch and get some exposure to if you have any spare change lying around in these low-volume times, as their meme game is strong and the community is active.

Todays Opportunities

Giveaways

There are currently three raffles live, so join the Discord below and make sure you have notifications on so you don’t miss out!

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Nothing in this or any other ExtraOrdinal Daily publication should be construed as financial or investment advice.

We trust this ExtraOrdinal Daily provided you with the information, insight and opportunities needed to have an ExtraOrdinal day! If you have any questions, suggestions, or a desire to contribute, reach out in the ExtraOrdinals Discord!

See you tomorrow!