The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Right so stocks had a good day yesterday closing 0.5% and 0.9% higher on SPX and NDQ respectively as futures are in the green today as well. Interest rates seem stuck where they are, honestly I can't remember the last time we had this much stability in interest rates feels like they haven't moved for ages. The volatility in equities is truly sapped out too with the VIX sitting at 13. Next week we'll see some action once again I hope, and if not, I don't mind. I still think the best thing for crypto right now is for macro markets to stay stable and not much much, because then we will see some shift as people look to chase returns.
**CRYPTO** - Yesterday we saw just a $92m net inflow into BTC ETFs with GBTC posting a huge $600m+ outflow. There could be a month-end rebalancing impact there so we will see what today brings. As it stands BTC is at 62K and ETH at 3420, while SOL continues to break out, clmibing to 135. SOLETH is now back up to 0.039 and we can only assume that SOL overhang has cleared. ETH/BTC has definitely pulled back recently too now down to 0.055 and it makes you wonder whether ETH is once again the thing to be long here. A good thing is that we've held these levels for a couple of days now while funding has gone down in the last 24H so it's a nice setup for today, but we've also often struggled over weekends due to lack of ETF volumes so let's see. PORTAL launched yesterday and currently sits at a $2.4bn FDV; honestly that's a bit lower than where I expected it to be but I suppose most are selling their airdrops and moving on, I think you usually see these types of tokens rally in the few days after once supply has cleared. Blast mainnet launched yesterday and honestly it's very confusing to me to the point where I need to sit down for a few hours this weekend to go through it all. Memes continue to be strong as $PEPE climbs to a $1.3bn market cap today while $WIF is up yet another 30% to $970m as it threatens to be the next unicorn meme. The latter got a Robinhood listing overnight but still lacks listings from Coinbase, Gemini and Binance.
**NFTs** - At the top of the volume chart is Nodemonkes which are up an incredible 33% to a floor price of 0.56BTC, while Bitcoin Puppets are up a similar percentage to 0.23 BTC. Quite mental, ordinals truly are the best levered play on bitcoin and the USD returns there have been substantial. The price action there sticks out like a shining light amid most ETH and Solana collections down 2-3%. Maybe Ordinals can truly be the ETH NFTs of 2021. I feel like I need to take a look but there is just so much going on at the moment it's hard to!
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GL Today, touch grass this weekend!