The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - After a strong week for equities we're seeing futures slightly lower this morning with SPX down 0.2% and NDQ down 0.6%. Interest rates have actually been gradually drifting lower with 10Y now down to 4.1%. Yesterday we saw US GDP numbers for Q4 showing a 3.3% grow rate vs expectations of 2%...that is yet another data point reflecting that the US economy is showing no signs of slowing down and it does make me increasingly concerned about what we see at the FOMC next week.
**CRYPTO** - Prices appear to be holding up well despite the ETF data getting a bit ticklish. We knew yesterday the total net inflows had dropped from 1.2bn to 820m but the good thing is that outflows out of GBTC seem to be slowing down, with the number yesterday being $394m, a decent amount lower. That being said, it also appears that the inflows from other ETFs are also slowing down and I think a slowdown in overall volumes is expected after the initial flurry. The main thing is we just don't want that net outflow number to accelerate, and if we achieve that with lower volumes I think that's fine and the crypto market may stop obsessing over ETF flows and volumes. Time will tell. I think it's important to watch Solana ecosystem now over the next week or so. Today the founder of Jupiter DEX is co-launching a memecoin called $WEN which will be the first coin on their launchpad. I don't think he's like officially co-launching it but it appears to be a coin representing a fractionalised NFT of a poem he wrote. That could be a big one today, but also on 31st January we'll finally get the $JUP airdrop which I expect will come out of the gate with plenty of exchange listings. All in all I think this is going to continue to invigorate the Solana ecosystem and it's very hard not to be bullish on SOL as a result. Reminds me of 2021 when there was so much going on on ETH in terms of NFTs and DeFi and then the price of ETH suddenly just took off.
**NFTs** - The strength in punks this week have been pretty incredible as they sit at 63ETH, with the floor marking a 15% return in the last 30 days. Given the move in ETH, I think that's impressive...it does appear that punks act as a great levered bet on ETH. ETH NFTs elsewhere seem relatively flat over the last 24H, with Mocaverse being the main outperformer up 23% to almost a 5ETH floor. On Solana prices don't look great with everything in the red; some big moves lower in projects such as CryptoUndeads, Elementerra and Ovols. Rubber, a Midjourney mint curiously dubbed as the "Fidenza of Solana" hit highs of about 20 SOL yesterday but have since fallen to below 9 SOL; that's still up quite a lot from what I believe was a very low-priced mint. In ordinals most things are up with Bitcoin Puppets aggressively breaching new highs, up 34% to a price of 0.049. That marks a 400% return in the last 30 days and that to me really feels like one of the strongest Ordinals projects out there.
Find all of our charts on Degenz.Finance and make sure to subscribe to the Mando Minutes Newsletter at mandominutes.com for even more news on the Macro, Crypto and NFT landscapes:
GL today and touch some grass this weekend!