The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Right well it was a weak day yesterday as equities pilled back by about 0.6-0.8% with rates rallying. Definitely a risk-off sentiment kind of day but it felt quiet post holiday weekend. Nvidia has their earnings today and that will certainly be a big bellwether for tech stocks as its market cap sits at a whopping $1.72tn, almost the entire size of the crypto market. Other than that it feels pretty quiet in tradfi, the next big big datapoint we get is payrolls but that won't be until 8th March so we have some time to wait there.
**CRYPTO** - Yesterday's inflow number in to BTC ETFs was about $135m - definitely a lot lower than in recent days but I would note we are just coming back from a holiday weekend so things naturally could have been quieter. I think today's number will be important because if it's two slow days in a row then people may want to take profits up here. It does take the overall inflow to over $5bn officially now which is huge. As it stands BTC is at 51.2k and ETH at 2920 with ETH/BTC up to 0.057 and SOL/ETH down to 0.0355 - so ETH continues to be the market leader at the moment (feels weird to say that). We have BLAST Mainnet coming this month (prob in the next week) which I think will be big for ETH and where the next degen casino will occur. It was announced today that PORTAL coin will be launching with Binance which I suspect will also be in the next few days, and that is already trading at a 2bn FDV pre-market on WhalesMarket. Still lots going on in crypto and tbh I do think BTC chilling out a bit here would be good for alts. Solana and its ecosystem is definitely struggling here and faces some tough competition with everything that's coming this year, but I do think it'll see its day in the sun again.
**NFTs** - Moonbirds are up overnight after a fake screenshot being posted alluded to them potentially bringing a token under Yuga Labs. Elsewhere Creepz continue to climb ahead of $PORTAL but the true outperformer is Sappy Seals which are up 40% to a floor price of 1.6ETH - I think this may be to do with the fact that their native token $PIXL will see its staking emissions end in Q1 of this year with supply being constrained. On Solana, things are all down 5-7% and it feels like that ecosystem is struggling a little bit with lots of shiny new things out there. Ordinals are a mixed bag with Rune Mania Miner being a new project hitting the top volume spot.
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GL today!
I prob won't be writing next couple of days while in Paris