The market is stalling and drifting toward the 1.00 zone.​

Macrocosmos is holding up thanks to strong news.​

Bitcast, the marketing subnet, is in focus at the end of this edition.

Let’s dive in.

The Sum of Alpha Prices has been stagnating since early November between 1.03 and 1.06.​

We recently saw a spike in volatility, rising to 1.11 and then falling to 1.01, testing the 1.00-1.02 range.​

We remain above this risk zone, the trend remains neutral: no clear direction is being taken. A market that remains neutral despite the general decline in cryptocurrencies and TAO can be considered something solid.

The spike you see at 1.23 in the middle of the chart is due to a sudden price increase of an inactive subnet with no liquidity.

This spike should therefore be disregarded.

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.

As with the market, the indices remained fairly stable.

As is often the case, large market caps are less affected by market downturns.

Mentat 5 underperformed due to Ridges, which fell 20% over the last two weeks (and 33% over the last 30 days), but the rest of the top 5 has remained very strong.

Macrocosmos announced the launch of their product “Training at Home,” which allows anyone with a Macbook to contribute to creating AI models.

The news was very well received and caused the index to rise +2.70%.

Bitcast has just lost support that had been holding since September.

Volumes have been gradually declining since the rise in August.

The next step for the token should be the green zone below 0.007, unless a global upward movement in the market accompanied by volume allows the subnet to re-enter the purple zone.

Bitcast is a subnet that directly connects brands to content creators on Bittensor.

The miners of the subnet are the content creators. Their role is to respond to the brief by creating content according to the brand's request. Their remuneration depends on the statistics of their content.

Bitcast automates this entire process and transforms influencer marketing into a transparent on-chain incentive stream.

The largest wallet holds more than 20% of the token supply. This is higher than the average we usually see on Bittensor (17%-18% for the three largest wallets).

This wallet belongs to the team. There is nothing to worry about in terms of transactions: no sales have been made in the last three months.

Bitcast currently burns more than 250 TAO per month, which allows them to cover more than 7% of the subnet's emissions.

Burns come from:

They should increase over time thanks to the virtuous circle created by the subnet:

The cycle starts again. More powerful each time.

The next step will be to move beyond the Bittensor circle and seek out brands and designers outside the ecosystem in order to cover as many broadcasts as possible and ensure the sustainability of its model.

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.