While Bitcoin and the broader cryptocurrency market reeled from China’s sweeping ban on all crypto transactions announced on September 24, the NFT and decentralized finance sectors showed remarkable resilience. On September 25, 2021, as BTC hovered around $42,710 and ETH traded at $2,927, the NFT ecosystem continued to generate headlines — proving that digital collectibles and DeFi innovation had carved out a life of their own, independent of traditional crypto market sentiment.
TL;DR
- China’s blanket crypto ban on September 24 sent shockwaves, but NFT markets held firm
- Sotheby’s sold 101 Bored Ape Yacht Club NFTs for $24.4 million in September 2021
- Bored Ape #3749, known as “The Captain,” sold for $2.9 million
- dYdX governance token (DYDX) surged 15% on September 25 despite broader market weakness
- NFT trading volumes and platform activity showed no signs of slowing
Bored Ape Yacht Club Dominates Auction Houses
The Bored Ape Yacht Club (BAYC) phenomenon reached new heights in September 2021. Prestigious auction house Sotheby’s conducted an online auction featuring 101 Bored Ape NFTs, fetching a combined $24.4 million. The sale underscored a growing trend: blue-chip NFT collections were no longer just a crypto-native curiosity — they had entered the mainstream art and collectibles world.
Individual Bored Ape sales were equally staggering. Bored Ape #3749, affectionately dubbed “The Captain,” commanded a price of $2.9 million, while Bored Ape #232 also traded hands for $2.9 million, equivalent to approximately 1,080 ETH at the time. These were not isolated incidents but part of a broader pattern of escalating NFT valuations that had been building throughout the summer of 2021.
The Sotheby’s auction represented a significant milestone for the NFT market. Traditional art institutions were now actively embracing digital collectibles, lending credibility and institutional validation to a space that many had dismissed as a passing fad just months earlier. The $24.4 million haul demonstrated that serious collectors and investors were allocating meaningful capital to NFT assets.
dYdX Token Defies Market Gravity
While most cryptocurrencies traded in the red on September 25 — with Bitcoin down 0.28% and many altcoins posting losses of 2-7% — the DYDX token surged an impressive 15% in a single day. The token, which had launched on August 3, 2021, via a massive airdrop to over 64,000 users, was quickly becoming one of the most talked-about DeFi governance tokens in the space.
dYdX, a Layer 2 decentralized exchange protocol built on Ethereum, distributed 7.5% of its total token supply to early adopters and traders who had used the platform. The DYDX token granted holders governance rights over the protocol, allowing the community to shape the future of the platform through on-chain voting. The token’s strong performance on a day when the broader market was reeling from China’s crackdown spoke volumes about investor confidence in DeFi infrastructure.
The dYdX airdrop was notable for its scale and generosity. Some users reported receiving tokens worth over $50,000 at launch, making it one of the most lucrative DeFi distributions in history. The protocol’s Layer 2 approach, leveraging StarkWare’s zero-knowledge technology, offered significantly lower gas fees and faster trading — a compelling proposition as Ethereum network fees remained stubbornly high.
The Decoupling Narrative Gains Steam
The events of late September 2021 fueled an emerging narrative: NFTs and DeFi were beginning to decouple from Bitcoin’s price movements. While BTC and major altcoins plunged on the PBOC’s Friday announcement — with Bitcoin briefly touching $41,000 — the NFT market continued its upward trajectory. Key collections saw sustained demand, and platforms like OpenSea were processing record volumes.
This resilience suggested that NFT buyers were motivated by factors beyond simple crypto speculation. Collectors were driven by community membership, digital identity, and the cultural cachet associated with owning premium NFTs. For many, a Bored Ape was not just an investment — it was a profile picture, a social signal, and a ticket to an exclusive community.
Similarly, the DeFi sector showed signs of maturation. The fact that DYDX could rally 15% on a day when the overall market was down suggested that investors were differentiating between protocols based on fundamentals rather than simply following Bitcoin’s lead.
Market Context: A Weekend of Consolidation
According to Kraken’s daily market report for September 25, total spot trading volume across all markets came in at $604.9 million — significantly below the 30-day average of $1.4 billion. This reduced activity was consistent with a market in consolidation mode, digesting the previous day’s China shock.
Ethereum held relatively steady at $2,927, down just 0.09% on the day. Cardano (ADA) managed a modest gain of 0.8% to $2.30, while Chainlink (LINK) posted an impressive 5.3% gain. The Keep Network token (KEEP) also performed well, rising 11%. These bright spots amid a generally subdued market suggested selective buying by investors who saw opportunity in the chaos.
Why This Matters
The events of September 25, 2021, highlighted a pivotal shift in the cryptocurrency ecosystem. NFTs and DeFi were no longer peripheral sideshows — they were significant markets in their own right, capable of independent momentum even when the flagship cryptocurrency stumbled. Sotheby’s $24.4 million Bored Ape sale brought institutional credibility to digital collectibles, while dYdX’s token performance demonstrated that DeFi governance tokens could attract sustained investor interest regardless of broader market conditions.
For market participants, the lesson was clear: the crypto landscape was maturing beyond a single-asset narrative. Diversification across NFTs, DeFi tokens, and blue-chip cryptocurrencies was becoming not just possible but increasingly necessary to capture the full spectrum of opportunities in digital assets.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions. Past performance is not indicative of future results.
that captain ape at 2.9m was the trade of the century. some lucky degen is sitting on a 10x minimum by now
captain ape buyer probably sold at 5x already. that 2.9m was pure narrative timing
the captain at $2.9M was pure status signaling. same buyer probably has a cryptopunk they never look at too. the flex economics of NFTs in 2021 were something else
mint_vulture_ the 2.9M captain was bought by a whale who also picked up multiple crypto punks. flex economics at peak 2021 insanity
mint_vulture_ the captain at 2.9M was flex economics at peak. same buyer probably underperformed a 3-fund portfolio from vanguard
Sothebyys selling 101 apes for 24.4M while BTC was dumping from the china ban was peak 2021 energy. pure decoupling delusion
Sotheby’s selling 101 apes for $24.4M while BTC was crashing from the China ban tells you everything about where the money was flowing
dYdX surging 15% while everything else bled was a clear signal that DeFi governance tokens had their own momentum
dYdX at 15% up while BTC tanked from china ban news was one of the first signs that DeFi governance tokens could be uncorrelated. the thesis didnt last long though lol
the dYdX governance token thesis lasted about as long as the NFT hype itself. both were momentum trades dressed up as structural narratives
dYdX token at +15% during the china ban was pure narrative momentum. zero fundamental reason for it. the DeFi governance thesis died when people realized governance tokens are just veiled equity with no rights
dydx pumping on china fud is textbook fake strength. zero reason to hold through that
narrative_decay dYdX governance tokens having no rights is the key point. the +15% during china ban was pure speculation on a useless token
Aisha P. dYdX being uncorrelated for exactly one day doesnt make a thesis. by the next week it was back to following BTC like everything else
Liam O. dYdX being uncorrelated for exactly one day is generous. it was one candle during a liquidation cascade, not a structural break
the captain ape going for 2.9M while BTC was crashing from the china ban is peak 2021 disconnect. everyone knew it was unsustainable but fomo overrides logic
24.4M for 101 apes while the market was melting from the china ban. that money came from BTC pump profits and went straight into jpeg bags
sothebys_receipt_ the captain at 2.9M was pure flex. same whale probably cant sell it for 500k today without crashing the floor
its actually underwater from the 2021 peak. most high-value apes are down 60-70% from ATH. the flex was expensive
101 apes for 24.4M while BTC was crashing from the china ban. tells you the NFT bubble had completely decoupled from crypto fundamentals
trashpanda_99 sothebys doing 24.4M on 101 apes was pure institutional momentum. zero chance those buyers are in profit today lol
trashpanda_99 the NFT bubble didnt decouple from fundamentals, it was running on a completely different set of fundamentals. flex economics and social signaling
trashpanda_99 101 apes for 24.4M during the china ban crash was peak bubble behavior. those buyers are down 70%+ now and still holding bags
Bored Ape #3749 selling for $2.9M and Sothebys doing $24.4M for 101 apes. that was the peak irrationality signal right there
Sigrid A. and people kept buying after that. floor hit 150 ETH a few months later. anyone who bought at the Sothebys auction is down 80% plus
dYdX pumping 15% during the China ban week was the ultimate DeFi decoupling moment. it did not last but it was a hell of a signal