The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Ugly day for equities tbh which dropped 1% and 1.8% respectively on the SPX and NDQ. Futures are recovering about half of those losses this morning while interest rates continue to grind a little lower with 10Y hovering around 4.15% now. I'm not as plugged into macro atm but the price action rates rallying ahead of payrolls on Fri is pretty interesting given the last couple of prints we've seen. Either people have been short for a while and are taking risk off ahead of the number, or people are feeling dovish into it; the latter I find tough to believe but like I said I'm not super plugged in.
**CRYPTO** - What a mental day. We saw BTC hit 69K, just off ATHs I think, before crypto took a massive beating followed by a massive red candlewick lower which took some alts such as SOL down as much as 40% at one stage. We keep talking about funding and it was very high yesterday and I feel like such a move was inevitable, but the magnitude of it certainly caught many people out. About $1bn in longs got wiped out across the market I think and of course we have bounced back since then, with positioning a lot more clean and allowing us I think to transcend higher. BTC sits at 66.5k now and ETH at 3830 with SOL at 130. I like SOL a lot here from a risk/reward standpoint, think it can go to $300-500 this cycle we just need to see this sell pressure subside which we inevitably will. Memecoins were interesting yesterday after $WIF got listed by Binance which ended up being a sell-the-news event as it fell as low as $1, but today it's hit new ATHs of a $2.1bn market cap which is simply astonishing. We also saw a huge move in $MOG which I believe got to almost a $400m market cap at one stage today. I think the trade in memecoins right now is finding the stuff in the 200-500m MC range (ie stuff that won't get rugged or suddenly die) that have a good chance of exchange listings and catching the retail bid after.
**NFTs** - It continues to be a sea of red for ETH NFTs as BAYC have fallen to 17.8ETH and Penguins down to 14.75, with most other collections down 5-10%. Ordinals continue to take the attention, although top collections such as NodeMonkes and Bitcoin Puppets experienced 5-10%+ declines yesterday. The funny thing about ordinals, being denominated in BTC, is the unit bias is such that everything trades at small numbers and look very compelling despite the $$ amount. Solana NFTs seem to hardly be on the map for me atm.
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GL today!