Alternative Investing Report - November 10, 2025

*as of 11/9, Sources: S&P, BTC, FTSE, DJRE, GOLD

Remember NFTs? In the midst of the recent crypto market decline, NFTs have been hit even harder, losing nearly half of their overall market cap in the last month. Even the most well-known collections took a big hit, with significant reductions in price. CryptoPunks and Bored Ape Yacht Club floor prices were cut in half, while Moonbirds and Pudgy Penguins dropped by more than half.

➨ TAKEAWAY: It has been awhile since NFTs have been in the mainstream consciousness, and as of 2024, it was estimated that 95% of all collections were “dead.” Still, as recently as last December, the total NFT market still had a market cap of more than $10 billion, a number that had dropped to around $3.8 billion as of yesterday. With the benefit of hindsight, the values reached in the spring of 2022 look like an obvious, inflated bubble, but at the time the hype was so strong that the market seemed like it had unlimited potential. This is a good reminder that short-term trends do not necessarily hold true in the long-term, and something as seemingly inevitable as AI could also see a bubble pop in the next few years.

Heron Finance's Khang Nguyen, Lightstone Direct's Jonathan Spitz, and Alumni Ventures' Andy Ervin talked with Vincent CEO Eric Cantor about the growth of private markets, the importance of diversification, and the unique opportunities and risks associated with private credit, real estate, and venture capital.

📉 Consumer sentiment drops: The University of Michigan consumer sentiment index fell by 6.2% in October and is down 30% year-over-year, falling to the second lowest level since 1978, as the ongoing government shutdown the main reason for the decline.

🏡 Buying demand ticks up: The Redfin Homebuyer Demand index is up 3% in the past month, but remains down 9% year-over-year. However, touring activity and searches for homes on sale have increased.

⚾ Ohtani home run ball: The ball from Dodgers superstar Shohei Ohtani’s NLCS Game 4 home run that was hit out of Dodger Stadium is up for auction and could fetch over $1 million.

🏢 Data center development: While there has been a 43% increase in data center supply in top-tier markets, the vacancy rate remains low at 1.6%, showing how much demand there is for new development, thanks largely to the exponential growth of AI.

🚀 Week’s biggest funding rounds: Of the top ten venture funding rounds last week, four were for AI companies, including AI parking platform Metropolis’ $500 million round, and three were for biotech or healthcare-related startups.

💵 Private credit warnings: The ratings company Fitch released a report detailing potential issues with private credit lending to HVAC companies, car washes, and veterinary practices, which Fitch feels may be overvalued.

Tuesday: Veteran’s Day, bond markets will be closed; The NFIB small business optimism index will be released.

Wednesday: Goldin’s Fall Music Memorabilia auction.

Thursday: October’s consumer price index (CPI) and core CPI inflation reports scheduled to be released (pending the government shutdown ending).

Friday: October’s producer price index (PPI) and core PPI inflation reports, U.S. retail sales report scheduled to be released (pending the government shutdown ending); Heritage Auctions’ American Art Signature auction, featuring a Norman Rockwell painting estimated to go for between $4 million - $6 million.

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