<p><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvYTk0ZTBmYTUtZGNlZC00YjcwLWFlNTktNTEwYTA5Y2FlYTVlLmpwZw==.jpg"></p><p>Nansen's NFT analysis draws into focus the numbers behind the market's first bearish cycle.</p>