Morning Minute | Crypto Nukes and NFTs Follow
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TylerD's Market Summary
It was a rough weekend for crypto and NFT prices. Find out how bad it was, plus prepare for major events coming this week.
📈 Crypto Bloodbath, NFT Reaction and A Big Week Ahead
On Saturday morning, many in the U.S. woke up to news that the sky was falling.
The crypto board was mega-red and there was panic on the timeline.
It felt like the hammer finally dropped from the major news of the SEC coming after Binance US and Coinbase, and that brief mid-week rally was far in the rearview mirror.
To make matters worse for U.S. crypto maxis, Hong Kong sent an invitation to Coinbase to come build.
Crypto Market Fallout
The crypto bloodbath mostly hit alts, as BTC and ETH's weekly numbers don't look quite as bad.
Here are current prices and their 7-day % changes for notable tokens:
- BTC at $25,771 (-5%)
- ETH at $1,750 (-8%)
- BNB at $235.90 (-23%)
- ADA at $0.268 (-29%)
- Doge at $0.062 (-15%)
- SOL at $15.45 (-29%)
- MATIC at $0.625 (-31%)
- ARB at $1 (-19%)
- APE at $2.32 (-27%)
- SAND at $0.383 (-34%)
- BLUR at $0.326 (-33%)
So the top end fell in the 5-8% range while alts tumbled 20-30%. A fairly typical pattern.
Certainly those tokens named as securities in the Binance and Coinbase lawsuits took a major hit, as did the NFT-related coins (APE, BLUR, etc.).
As for the specific driver of the dump, it seemed the consensus was a few major players selling off into low liquidity late Friday night.
It will be a big week ahead (described more below) for the SEC, Binance and Coinbase as some hearing get underway.
But China isn't waiting.
A Hong Kong legislator has officially welcomed global crypto exchanges to build and operate in China.
Good news for broader crypto - it isn't going away.
Bad news for those who want to see crypto built in the U.S.
Let's see how NFTs held up with crypto bleeding.
NFTs By the Numbers
NFTs, specifically the PFP sector, took a tumble in the wake of the crypto fallout.
Here are the 7-day decreases for some notable PFP collections:
- CryptoPunks at 50.4 ETH (-3%)
- BAYC at 45.76 ETH (-2%)
- Azuki at 16.68 ETH (-5%)
- MAYC at 9.22 ETH (-8%)
- Captainz at 8.6 ETH (-11%)
- DeGods at 9.3 ETH (-1%)
- Kodas at 6.6 ETH (-16%)
- Pudgy Penguins at 4.22 ETH (-12%)
- Doodles at 2.16 ETH (-6%)
- Moonbirds at 2.03 ETH (-5%)
- 0n1 Force at 1.42 ETH (-16%)
- Beanz at 1.39 ETH (-13%)
- Opepen at 0.7 ETH (-22%)
That's some major red on the board, with the top end down 2-5% and the lower end down double digits.
But for many collections, it just erased the prior week's gains, so we're seeing ongoing chop.
Daily unique wallets leveled off after showing a strong increase in the prior week, and it's a similar story for daily volume.
Perhaps the worst, and most telling metric, was the WETH acceptance ratio hitting an ATH of 93.3%. This is largely driven by the Blur farming happening on Blend, but still, not many people are shopping for and buying NFTs right now.
The generative art market shared a similar pattern. Fidenzas were the exception, up 9% on the week to a 75 ETH floor. But the remainder of the leading Art Blocks were even or down 10-30% - a bit surprising ahead of the Grails auctions on Thursday.
The Ordinals market on Bitcoin also showed decline, with most of the leaders from the past week (BTC DeGods, Abstraordinals, OMB, Bitcoin Bear Cubs) down in the 20-40% range.
If this is what NFT summer looks like, we may not be getting any fireworks.
And this week ahead does not look promising to restart the uptrend.
The Week Ahead
This week is a big one for macro trading and crypto (and NFTs given their tie to crypto volatility).
Major events happening this week:
- Tuesday June 13
- US CPI Data
- SEC Coinbase Rulemaking hearing
- Binance US hearing
- Wednesday June 14
- US PPI Data
- FOMC Meeting
- Thursday June 15
- US Jobless Claims
- US Retails Sales data
The results of these events could have major impacts on stocks (which have been basically up only this year) and even larger ones on crypto with the Binance and Coinbase hearings thrown in amidst all the economic data.
Buckle up, it's going to be a bumpy week.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the weekend in NFTs:
- Trading volume fell below 10k ETH on Friday and Sunday, near local lows, as the WETH acceptance rate hits ATH
- MemeCoin opened up the waitlist for its hyped $MEME drop, with hopeful players accessing a game to vie for tokens
- Jack Butcher debuted the art for Opepen set 006 "PIV" which was over 12,500% subscribed (reveals this evening)
- Notable collector Rudya sold Ringers 562 for 45 ETH on Saturday after a 2-yr hold (he paid 0.36 ETH), stirring debate about the sale ahead of the June 15 Grails auction (where The Goose is expected to fetch $2M+)
- NFT Inspect launched a new Chrome extension, with Twitter NFT search, wallet address analysis, rarity traits and more
- NFT futures protocol nftperp launched a PFP project called Mafia Nuts which reached a 0.32 ETH floor from its free mint
- Killabears opened up their Combinizer, allowing holders to combine offchain traits to create rarer ones
- Wolf Game opened a governance vote tied to the burning of entrance fees in Wool
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market chopped on Sunday after Friday's meltdown; BTC +0.5% to $25,960; ETH -0.55% to $1,750
- A U.S. court recognized Ooki DAO as a person under the Commodity Exchange Act and not a legal entity, meaning it could be held accountable for law violations
- Oh Baby Games shared that its first wave alpha will be coming soon
🚀 NFT Total Volume
- BAYC (5,211 ETH, 45,76 ETH Floor)
- Azuki (2,876 ETH, 16.68 ETH)
- MAYC (1,777 ETH, 9.2 ETH)
- Wrapped Cryptopunks (1,047 ETH, 50.4 ETH)
- DeGods (348 ETH; 9.29 ETH)
📈 NFT Floor Price Increase
- DeepBlack (26%, 1.92 ETH Floor)
- Bored & Dangerous (20%, 0.11 ETH)
- DeFi Apes (18%, 0.2 ETH)
- On the Edge of Obliviion (15%, 2.2 ETH)
- Nakamigos (11%, 0.31 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is slow day of new drops coming off the weekend.
Given how quiet the NFT space has been, any major news from a team or stealth launch could gain some traction. Otherwise, likely another quiet day.
If you want more, see the full list of today's drops from Swizzy's daily mint monitor.
- Memes by 6529 (11:00 a.m. ET); 0.06529 ETH
- Bitcoin Reapers (12:00 p.m. ET); BTC
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's Project Schedule page.
