"The AI Analyst (NOT)" | Weekly Wrap: 3rd July - 10th July

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We're still just about holding above $30k in Bitcoin and 1.8-1.9k for ETH. The NFT market still isn't looking great, although with a sharp rebound across several popular collections. And that upcoming Ether mint discussed last week, well... it got paused due to lack of demand. Hopefully those locking up their NFTs for 10 weeks were really just in it for the art.

After sharing the crypto tools for ChatGPT last week, I thought I'd experiment with using some of them to create this newsletter. Spoiler Alert: It didn't go well, they made up stats, got facts wrong and just made a mess of things. So instead, I hand curated and created most of this as usual. The best the AI could do successfully (for now) were some simple summaries of the weekly stats below. Enjoy...

- @nuconomist

Crypto Market Cap: 1.21 Trillion Dollars 🔽 -2.69% (Was 1.24 T)

Bitcoin Dominance: 48.2% 🔼 +1.05% (Was 47.7%)

Ethereum Dominance: 18.4% 🔽 -1.60% (Was 18.7%)

Other Crypto (excl. BTC & ETH): 33.4% 🔽 -0.60% (Was 33.6%)

Trying a little experiment this week to see what our resident AI agent thinks of these stats...

Nuconomist EtherGPT (AI) Notes:

The overall value of the cryptocurrency market has slightly decreased. However, Bitcoin has been holding up better than others, gaining a larger share of the market. The broader crypto ecosystem excluding the two majors have seen their market share decrease, suggesting they haven't performed as well as during this period. This could mean investors are moving their investments into Bitcoin amidst the current market conditions.

Nuconomist Notes:

I compile these statistics weekly from a variety of sources. I tried some of the most recent AI plugins recently to see how they compare, and it was not good to say the least. Most of the statsitics were wildly incorrect and worringly the AI was still confident in them. As an alternative experiment, we have the summary above, however even that needed minor corrections.

The robots aren't taking over just yet 🤖🤖🤖

NFT Market Cap (ETH): Ξ 7.5 Million 🔼 +2.26% (Was Ξ 7.4 Million)

NFT Market Cap (USD): $13.99 Billion 🔽 -2.02% (Was $14.3 Billion)

30 Day NFT Volume (ETH): 454k 🔽 -11.15% (Was 511k)

Nuconomist EtherGPT (AI) Notes:

The NFT market is showing mixed trends. While the value of NFTs in Ethereum has slightly increased, their value in USD has decreased due to changes in the Ethereum to USD exchange rate. Also, there's been a notable decrease in NFT trading over the past month. Traders should keep an eye on these trends and adjust their strategies as needed.

1. Bored Ape Yacht Club

2. Azuki

3. Mutant Ape Yacht Club

4. DeGods

5. Azuki Elementals

Nuconomist Notes:

Once again the top volume is going to the market losers this week and is attributed to people locking in losses rather than gains. The NFT bear market is in full effect...

1. Ringers | Art Blocks Curated: 40 Ξ Floor ‧ 111 ETH PnL

2. Fidenza | Art Blocks Curated: 94 Ξ ‧ 105 ETH PnL

3. Pudgy Penguins: 159 Floor Ξ ‧ 83 ETH PnL

4. Azuki Elementals: 1.32 Ξ Floor ‧ 76 ETH PnL

5. Terraforms by Mathcastles: 1.99 Floor Ξ ‧ 67 ETH PnL

Nuconomist Notes:

The low volume in the most profitable collections here suggests that either profits are down across the board, or they are spread over more collections. In truth, I don't have the answer for which option it is and so I'll start looking for a way to quantify this for future newsletters. The stats in the next section however, would suggest it could be the latter.

1. Mutant Ape Yacht Club: 6.71 Ξ Floor ‧ -1555 ETH PnL

2. Bored Ape Yacht Club: 39 Ξ Floor ‧ -1068 ETH PnL

3. Azuki: 7.40 Ξ Floor ‧ -577 ETH PnL

4. Moonbirds: 1.87 Ξ Floor ‧ -503 ETH PnL

5. Doodles: 1.73 Ξ Floor ‧ -501 ETH PnL

Nuconomist Notes:

The Apes have well and truly joined the bear market now featuring in the top 5 least profitable collections for several weeks in a row and taking 1st and 3rd place here this week. Only Azuki can rival them taking 2nd place and that is after a chaotic mint and reveal last week for Elementals, whereas the Apes appear to have simply reached capitulation levels.

With the the biggest PFP projects now all in decline, the question is whether they will meet other projects in the middle or if this is the start of another wave of capitulation for lower-tier PFP projects.

This recent tweet I came across puts forward an argument that this could really be the beginning of the end for many previously idolised projects and that none will out-perform ETH. If true, there could certainly be a lot more pain on the way...

Ordinals, Inscriptions and BRC-20 Can't Break Bitcoin - Bitcoin Magazine

The Arrival of BlackRock - Bitcoin Magazine

Is Justin Bieber's Ape Really Worth $59,000 - CoinDesk

Revoke adds new feature for fake approvals scam - CoinTelegraph

2023's Most Anticipated Crypto Games - Decrypt

10 Ordinals Metas Everyone Should Know - NFT Now

NFTs are Crashing. Heres Why. - NFT Now

CyberKongz introduce a new ERC721 extension that allows for on-chain two factor authentication of valuable NFTs.

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