The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Another good day for equities yesterday which ended up 0.6% on SPX and up 0.2% on NDQ. Tech earnings have been strong and despite a world of strong economic data inflation has stayed modest which is really such a powerful backdrop for markets. Coinbase reported blowout earnings yesterday and the stock was up an additional 10% or so post market yesterday; curious to see how that opens but that's something that's only gonna get more eyes on crypto. Today we get PPI data for which the consensus is a 1.6% increase vs last month's 1.8%. Honestly not sure how the market responds here, I think stocks don't move much either way but we will see some volatility in rates, especially if the number is a big miss or beat.
**CRYPTO** - I think we hit as high as like 52.5K on BTC and 2850 on ETH and we're starting the day strong still at 52.2 and 2820 respectively. There was another huge inflow into BTC ETFs yesterday to the tune of $477m. This takes the total net inflow since inception to $4.6bn. I cannot stress enough how high that number is in the space of basically just a month, and we're not really showing any signs of slowing down. Coinbase strong earnings will help that narrative. I simply think we are going to keep going higher here while this continues and think BTC and ETH will lead the way. ETH/BTC has climbed to 0.054 now while SOL/ETH is back below 0.04; again, don't fade the ETF narrative for ETH here and watch out for ETH betas; this is why I think Blast is going to be super important and active as an ETH beta. We will see dips along the way, but I think these dips are for buying, not for getting scared. There is a longer term trend higher here and tbh having written this every day for the last 2 years now through a prolonged bear market, this is truly the moment we've all been waiting for...don't fuck it up.
**NFTs** - Red across the board on ETH as the ETH rally perhaps takes its toll across collections resulting in a lag. Penguins back below 20ETH while BAYC is at 22.8ETH as that cap gets narrower and narrower. Mad lads have ripped on Solana to what I believe might be a new ATH, up 10% to 180 SOL. The SOL price has been a bit more stable in the past few days and as a result I think we're seeing some better price action in SOL NFTs. In ordinals we're seeing some good bounces from Quantum Cats, RSIC while Nodemonkes have dropped off a little bit. Interesting move also in the DeGods ordinals collection which is up 65% to a price of 0.55 BTC. On the whole looking decent.
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GL today and remember to touch grass this weekend!