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**MACRO** - Stocks ended 0.3% lower yday on both SPX/NDQ and both are up like 0.2% this morning in the futures market. All the volatility continues to be in interest rates with 10Y blowing out to 428bps...pretty decent move now in the last week or so...about a 20bp move that. The thing is yday we had PPI data for which inflation came in at 1.6% vs 1.1% expected. That is a pretty substantial "beat" which I think has spooked the market a little bit...I mean 1-handle is pretty low all things considered but we've now had higher-than-expected payrolls, CPI inflation AND PPI inflation which put in that context definitely I think can cause some concern. It puts a lot more risk on the FOMC next week and I think markets will be tepid ahead of that. In all honesty, I think "things will be fine" again and my gut says we have clear skies after FOMC for another 2-3 weeks but these are certainly risks worth bearing in mind.
**CRYPTO** - With BTC ETFs I think the above is important; at times it feels like crypto is being propped up by ETF flow and ultimately ETFs are a macro product and will have seen inflows from cross-asset players...so I think various macro developments are def more important now than they have been for crypto. Yesterday's inflow number was materially lower at just $132m, but it's still a big week nonetheless and I think that number shouldn't be taken in isolation. As it stands BTC hovers around 67.5k and ETH at 3670, so quite a big backup from yesterday's highs. The incredible move really is in SOL which hit as high as 175 and remains at 170, materially outperforming the majors. The stuff that outperforms in market sell-offs are always great buys and it's clear that SOL has shown its hand here. One thing I would say is funding has cleaned up immensely after there were about $700m in liquidations yesterday, so on paper if feels like a good dip to buy where things could bounce, but no doubt the market will be a bit shaken by it. Memecoin mania continues with $BOME clipping a $500m market cap...a pretty insane move for a brand new token that was able to get multiple CEX listings within its first 24H of launch. We saw $WIF go as high as $3.5bn market cap before retreating with the rest of the market. I am actually surprised by the meme strength on this dip and as per above, I think that shows where the momentum is there on the next move higher. For me right now it's simply a case of sitting on my hands...don't need to add more risk as I'm all really pretty balls long spot but I'm also not too worried by this move, trying to see what the bigger picture could potentially be here.
**NFTs** - Not pretty still for NFTs as BAYC hovers around 13.7ETh and Pudgies fall below 11ETH. Ordinals continue to fall too with Puppets down 12% to 0.16 BTC, Quantum Cats down 11% to 0.26 BTC and Nodemonkes down 11% to 0.49 BTC. I def have my eye on ordinals here, something that I've been bullish on but missed for lack of time and effort. I think it has one of the best narratives for NFT markets with its "OGness" to bitcoin, not to mention it feels more like a traditional collectors' market without all the farming and commoditisation aspects of the ETH NFT market. Not an entry point for me yet but it's tempting.
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GL today and remember to touch grass this weekend.
The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.