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For the Love of the Game (Market Commentary) |
It has been an extreme, dare I say, volatile, past few days in crypto and traditional markets. While
NFTs held relatively steady, the crypto world, and especially traditional finance, took a beating
The ball started rolling on Friday when the US announced an unemployment rate climb to 4.3%, adding only 114k jobs, the slowest growth since 2022. Things unraveled further when Japan’s central bank raised interest rates, triggering a global economic ripple effect that hit our stock and crypto markets hard. Yesterday, $1.2B vanished from the crypto market,
while $1.4 trillion was wiped from the US stock market. ETH experienced its largest single-day loss since May 2021, Bitcoin briefly fell to $49k, and Solana dropped to $110. Major trading platforms like Charles Schwab, TD Ameritrade, Vanguard, E*TRADE, and Fidelity were inaccessible, and Robinhood halted trades.
Some perspective is
gained from yesterday’s events, like the importance of DeFi, but also a reminder of how small the crypto market is. The US stock market’s total market cap is around $46T compared to the entirety of crypto which is just over $2T. We. Are. Early.
The crypto ETFs were the main story for me though, with the Bitcoin and Ethereum ETFs seeing over $1.2B worth of volume within the first 20 minutes of trading. By the end of the trading day, the ETFs saw nearly
$6B in flows, their second highest day of trading volume of the year. Don’t let anyone tell you there’s no demand for crypto ETFs. We really witnessed the resilience of both markets, which showed how much energy is pent up and ready to fuel the incoming run. Despite yesterday’s turmoil, crypto had a strong bounceback, with Bitcoin now at $57k, ETH at $2,500, and Solana at $149.
The NFT market is looking
rather flat and will likely continue the same trajectory it has been on. Last week was the second consecutive week of declining sales, with cross-chain NFT sales dropping 2.19% to $94M. In fact every metric shows a decline from the prior week, other than wash sales which soared to $33M, its highest total in six weeks.
I’ll say it yet again this week, volatility is at the heart
of this market and I expect a lot more of it. With that volatility comes opportunity. Plan accordingly. - Sorare soared to the top of the collection rankings on the very same week that DraftKings shut down their own fantasy NFT project. Sorare’s fantasy sports collectibles saw $4.2M in sales while
unique buyers reached a whopping 21k.
- CryptoPunks prices are slipping once again as the grail assets can now be acquired for under 22 ETH. Clearly collectors are ready to gobble them up. Sales were up over 55% to $3.3M while buyers
were up over 135%.
- Bored Apes and Pudgy Penguins saw a 81% and 98% increase in sales this week, as their prices, like CryptoPunks also fell. Both collections saw a large increase in buyers with BAYC seeing a 63% increase and Pudgy Penguins 300%.
- NodeMonkes and Bitcoin
Puppets’ price free fall is drastic. Over the past few days NodeMones fell to as low as .09 BTC while Puppets dropped to .065 BTC. These prices attracted plenty of new collectors though, with buyers up 34% and 29%.
- Ethereum has now been the king of NFTs for 2 months straight, with sales now climbing 31% to $38.4M.
Memecoins are picking up steam and this just might drive action further to NFT collectibles.
- Solana NFT sales fell to $17.9M as memecoins plummeted, but its 28% increase in buyers is the top gainer from across the top ten blockchains.
- Bitcoin also saw a decrease in sales volume, while buyers only increased 15%. Bitcoin is usually the laggard with its ordinals sales very much depending on Bitcoin to perform well, and
last week put this on full display.
- DoodlesTv Season 1 passes mint has been completed with over 20k ed of the content passes sold. Now they’ve dropped “Not in the Store” NFT packs to collectors which gives holders access to watch Coi Leray’s new music video.
- N0 0rdinary kind was another hot new mint on Bitcoin that reflects traders eagerness for an NFT recovery. The collection minted at .0014 BTC, climbed to over .003 BTC and saw over $1.3M
in sales.
- Solana also had successful new mints with Mimany reaching 2.9 $SOL trading for over $1.2M on secondary.
- Jack Butcher has introduced a dynamic new wrinkle to his thought provoking Opepen collection, with the option to burn your unrevealed Opepen NFT to receive a new NFT in his “freedom to opt-out” collection.
The CryptoSlam 500 NFT Index fell another -1.4% this week as crypto prices are down and NFT volume slows. The world is on edge right now as war looms in the Middle East, and the US economy waits for rate cuts to help settle recession fears. NFTs
won’t make any major moves until this uncertainty is settled, so be prepared to either sit on the sidelines or collect without expectations. Be smart and keep your finger on the pulse of this market, by keeping your eyes on CryptoSlam and the indexes. You can stay plugged in by fixing your vision on our new
daily Web3 live show called Chain Reactor. — Yehudah Petscher Prestige Pass
Date - Aug 7
Blockchain - Ethereum
Price - .015 ETH Enrico Penzo & Tim Maxwell - Elitist Plebs
Date - Aug 7
Blockchain - Bitcoin
Price - Auction DeltaSauce - Issues
Date - Aug 8
Blockchain - Ethereum
Price - TBA Forsaken
Date - Aug 10
Blockchain - Ethereum
Price - .02 ETH |
A white hat hacker is a cybersecurity expert who uses their skills to identify and fix security vulnerabilities in systems, networks, and applications. Unlike malicious hackers (black hat hackers), white hat hackers operate with permission and
within the boundaries of the law. Their goal is to improve security by finding and addressing weaknesses before they can be exploited by cybercriminals. Happy researching! Received this from a friend? Sign up for this CryptoSlam VIP newsletter. |
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