Despite the calm at the end of the year, the market has been rising steadily in recent weeks.

Analysis of Sum of Alpha prices in the first part.

Highlighting of the strongest subnet at the moment at the end of the newsletter.

Let's dive in.

The sum of alpha prices has increased by 3.7% over the last two weeks.​

it is now at 1.10.

After months of stagnating around the 1.00-1.02 range, the Sum is moving away from it thanks to a fairly significant movement.

This is positive, but volume is at its lowest level in months, likely due to the year-end holidays.

It will be important to monitor the Sum at the beginning of 2026, when volumes pick up again, to see whether this market upturn confirms.​

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, the largest market caps have outperformed the rest of the market:

Macrocosmos and Covenant have been strengthening for weeks. The indexes have climbed over the last two weeks:

When comparing the performance of top teams against the broader market, betting on proven builders clearly outperforms a "spray & pray" strategy.

Over the last 30 days:

Since its launch on November 11, Tenex has performed 386%.

The subnet is currently in a bullish channel, with the highest volumes on the network.

This rise still has the momentum to continue, as the project seems to be very popular with investors and 80% of revenues are being used for buybacks (259 TAO have already been repurchased).

Tenexium lets you take up to 10× leverage on your alphas, long only, by depositing TAO as collateral.​
The protocol borrows TAO on your behalf, buys additional alpha, and automatically manages your margin and liquidation risk at those leverage levels.

The subnet currently ranks 15th, with a market cap of $11.71 million, a volume of $2.18 million in the last 24 hours, making it the most traded token.

One wallet holds more than 50% of the Tenex token supply.

This is massive compared to top wallets on other subnets (between 17% and 18% on average), but it is understandable given their operations.

It’s Tenexium's exchange wallet: any buy or sell transactions from any users goes through that address.

Such a large proportion of the supply on a single wallet is uncommon. This could pose a risk to the subnet in the event of a hack.

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.