Nuconomist | Weekly Wrap: 19th June

If last week's price action was a rollercoaster, then this week felt like one of the theme park rides that shoots you vertically into the air without pause. Although, hopefully in this case, we aren't waiting on the precipice for an equal drop.

News of a BlackRock ETF application simmered over the weekend before shifting market sentiment almost overnight as the news digested and sent the crypto majors up by about 20% over a matter of days.

There is definitely a feeling of a shift in the market and a new hope after the recent barrage of legal filings against crypto entities. Although many crypto OGs will likely be disappointed that the catalyst is an ETF application from a TradFi player, instead of a crypto-native driven shift.

The sudden shift higher in the crypto majors has led to mixed results elsewhere. 70% gains in the $PEPE memecoin, which had a meteoric rise earlier in the year and accelerated bleeding in many "blue chip" NFT collections.

Time to discover a new normal…

- @nuconomist

📈 Weekly Crypto Stats

Crypto Market Cap: 1.23 Trillion Dollars 🔼 +10.81% (Was 1.11 T)

Bitcoin Dominance: 48.1% 🔼 +3.66% (Was 46.4%)

Ethereum Dominance: 18.6% 🔽 -1.06% (Was 18.8%)

Other Crypto (excl. BTC & ETH): 33.3% 🔽 -4.42% (Was 34.8%)

Nuconomist Notes:

Just as things were looking like they could break down to the low 20s, BlackRock stepped in to save our bags by filing for a Bitcoin Spot ETF in the US. Sentiment quickly shifted and the market jumped significantly in the days following. This move from BlackRock is considered significant because they have a 575:1 success rate for previous filings and if approved, it could mark a shift in public perception of Crypto in the US and acceptance by the traditional finance sector. Not to mention, the fact they have $9 Billion USD under management so even a fraction of that entering the crypto market could have a significant impact.

🖼️ NFT Corner

Market Stats

NFT Market Cap (ETH): Ξ 7.6 Million 🔽 -5.00% (Was Ξ 8.0 Million)

NFT Market Cap (USD): $14.4 Billion 🔼 +3.59% (Was $13.9 Billion)

30 Day NFT Volume (ETH): 446k 🔽 -1.76% (Was 454k)

Nuconomist Notes:

While the ETH market cap for NFTs is down this week, the USD value is up due to the quick shift in crypto prices. This has likely led to traders divesting low conviction purchases back into the crypto ecosystem, pushing floor prices down, even though the space continues to grow in USD value.

Top Collections by ETH Volume (7 Days)

Nuconomist Notes:

Interestingly, the floor price for four of the top five collections this week is down in ETH terms, with only CryptoPunks seeing a boost in valuation over the past seven days. As CryptoPunks are considered one of the most prominent historic NFT collections, this could be considered a flight to safety in NFT land. With crypto on the rise, NFT collections largely in the hands of short-term traders might see thier floor prices fall as traders jump to the faster moving crypto markets.

Most Profitable Collections by ETH (7 Days)

Azuki: 15.4 Ξ Floor ‧ 511 ETH PnL
ETHScriptions: 0.014 Ξ ‧ 250 ETH PnL
The Captainz: 7.95 Floor ‧ Ξ 145 ETH PnL
BlackRock: 0.2169 Floor Ξ ‧ 110 ETH PnL
Opepen Edition: 0.745 Ξ Floor ‧ 102 ETH PnL

Nuconomist Notes:

The Azuki event in Las Vegas was clearly a catalyst that paid off here, with many holders taking profits, while those that held on received a soulbound aidrop token and ability to mint a new collection called Elementals. Win win?

Last week I called ETHScriptions as the upcoming flavour of the week, and while it certainly got some serious volume putting it into second place, the moves in crypto certainly pulled some of the focus. This is further demonstrated by the fourth most profitable collection this week being a meme "BlackRock" in response to the ETF filing.

Otherwise, The Captainz is still riding its $MEME launch momentum with codes randomly available to non-holders. And Opepen Edition is continuing to demonstrate its staying power this year.

Least Profitable Collections by ETH (7 Days)

Mutant Ape Yacht Club: 7.69 Ξ Floor ‧ -2382 ETH PnL
Bored Ape Yacht Club: 39 Ξ Floor ‧ -1342 ETH PnL
Clone X: 1.8 Ξ Floor ‧ -600 ETH PnL
Moonbirds: 1.71 Ξ Floor ‧ -373 ETH PnL
Doodles: 1.9396 Ξ Floor ‧ -341 ETH PnL

Nuconomist Notes:

The Mutant Ape Yacht Club capitulation continues and accelerates even further. The floor continues to fall and the amount of losses being locked in continues to increase. At this stage there is a clear downtrend and the only question is where it stops. Prices are already similar to mint in USD but often collections appear to retreat closer to their mint price in the native cryptocurrency so prices closer 3 ETH aren't out of the question unless there is a catalyst to stop the decline.

However, the bigger story this week, is the Bored Ape Yacht Club joining them on the journey down. Prices reached the mid 30s this week with many owners locking in losses and making them the second least profitable collection this week. Was this a blip, or has the Yuga shield truly broken? If so, it could have significant impact across their entire ecosystem, pushing down their already suppressed long-tail of collections further.

The remainder of underperforming collections this week are the usual suspects for 2023; not much change there. Although I'm still surprised to see how much is still able to be lost after declining for so long.