The market is performing well, with future scenarios covered in the first part.
Next, a focus on team indexes that are in strong shape.
Then, an analysis of the subnet currently standing out: gem or speculation?
Let's dive in.
Break of a historical resistance?
The Sum of Alpha has bounced.
It is up 10% over the last 30 days and is now pushing into one of its biggest long‑term resistance zones around 1.11.
The structure of the chart is bullish, with one last historical resistance just above this long consolidation: a large, low‑volatility base followed by a clean move higher.
Evolution of the Sum of Alpha Prices since the launch of dTAO
The question now is how price behaves against this historic orange band (around 1.11–1.15).
Calm on the market indexes
We use Mentat Minds indexes. Details on calculation are on this page. Mentat 5 and Mentat 15 cover the leaders, while Mentat 70 gives a wider picture of the subnet market.
Over the last two weeks:
Mentat 5: +0.30%
Mentat 15: +0.22%
Mentat 70: +1.22%
For once, the broad market has been the top performer. Trend change coming? We’ll find out in the next Sapho issues.
Clear uptrend on team indexes
We pointed out the early strength in the two team indexes in the last Sapho Report.
That bullish trend have been confirmed over the last two weeks:
Covenant: +18.3%
Macrocosmos: +8.5%
Bitsec.ai (SN60): future gem or speculation?
Good price action
Bitsec.ai has performed very well in recent months. It is up 610% since hitting bottom last October.
The price is currently in an upward channel and is already starting to rebound from the lower end.
Protecting your code
Bitsec.ai is a subnet that uses AI agents to scan codebases for security vulnerabilities across crypto and infrastructure.
The subnet currently ranks 21st, with a market cap of $10.64 million, a volume of $1.85 million in the last 24 hours, making it the 4th most traded token.
Trusted whales
The three largest wallets hold 28.29% of the supply. This is more than what we usually see on Bittensor (between 17% and 18%).
Despite this concentration, these holders are highly trusted.
The first belongs to Const (founder of Bittensor).
The second belongs to the team.
The third appears to belongs to Yuma, because the subnet is incubated there.
An underlying risk
Bitsec.ai is currently burning 100% of miner and validator emissions to stabilize its incentive model after the V2 rollout in November.
It will be important to look at the chart when emissions resume.
For now, there is currently no selling pressure from miners and validators.
The latest leg up is mostly investor speculation. The subnet is in a formative phase, and the model is still being tuned.
Bitsec.ai is backed by some of the largest players in the network, and closely watched by investors.
What remains now is to prove the subnet can actually work by locking in a viable model, and then turning emissions back on.
Thank you for reading this newsletter. If you are interested in the subnet market, please feel free to click on the following link.
Disclaimer: This newsletter does not constitute investment advice. It is a tool designed to help you understand the Bittensor subnet market. Always do your own research before investing.
