The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Equities continue to slowly grind higher as we have about 2.5 weeks left until the end of the year. The big move again yesterday was truly in interest rates which rallied even further, now putting 2Y at 4.4% and 10Y at 3.92% - it's pretty crazy to see a 3 handle now on 10Y and tbh I think interest rates keep grinding lower as we progress into next year as we enter a new paradigm of monetary policy. We don't really have any major data points from now until the end of the year, there is PCE on Friday 22nd which is the Fed's preferred measure of inflation but I don't expect a tonne of vol from that unless it's majorly above or below expectations. My 2c is we keep grinding higher in risk assets into the end of the year.
CRYPTO** - We continue to see good crypto strength in alts primarily. ETH and BTC have been sturdy at 42.3K and 2250 respectively although they are a bit off their highs from yesterday. Meanwhile alt L1s such as SOL, AVAX and INJ currently sit very close to their YTD highs. Personally I just feel like all that stuff is gonna keep going here...they are meaningfully off their highs still and they have narratives that appear a lot sexier to the market than boomer ETH and BTC sadly. I do think ETH will have a catch up rally but it's been a frustrating one to end the year and one can't ignore massive opportunity cost at the moment. $BONK on Solana has been talk of the town recently as it currently sits at a $1.7bn mkt cap having hit $2bn I believe, after it got listed on both Coinbase and Binance. It's pretty impressive to see a Solana memecoin be the the next one to hit a billion dollar market cap, especially when you consider the big market cap differences between ETH and SOL. I can only imagine this draws more interest in the Solana ecosystem.
**NFTs** - Not a tonne going on at the moment as floor prices are stable. I personally think for ETH NFTs to continue to resume their activity (away from the historical stuff) we need ETH activity to pick up, which I do think it will at some stage. For now movement in floor prices seems quite mixed with some things higher and others lower but no real meaningful trend in the last 24H.
Let's hope that post BTC ETF we see focus return to ETH with the spot ETF applications there touted for the summer!
Gl today and touch some grass this w/e