The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - A powerful finish to stocks on Friday as SPX closed 0.6% higher and NDQ 1% higher sending both indices to new all-time-highs. It's really been an epic rally of sorts as interest rates remain elevated but stable. This week we get inflation data from the US, which is expected to fall to 3% from 3.4% last month. If we hit that number or below I think markets are really going to start rallying quite aggressively and it's going to be game on. As usual, with such a low consensus number, it does create a greater margin of error and that's what we have to be careful about. It's gonna be an interesting one.
**CRYPTO** - As you may have read from my weekend tweets I've become very bullish crypto again. With the macro moves we are seeing it's hard to ignore how juicy crypto looks with most of it still 30-50% off ATHs. On top of that, the ETF data is now swinging very bullish with GBTC having its lowest outflow day since day 1 on Friday while other ETFs continued to add inflows. The net inflow number created by ETFs is now up to almost $2.7bn and it looks like the momentum is for that to continue; I certainly wouldn't fade the power of that here; my previous concern was that if it would turn into outflows but it seems quite the opposite (for now) with some strong momentum and macro tailwinds. So far it's been a story of BTC with dominance rising to 54%, almost the highest it's been in the past 12 months. I think that is bound to change if we get a mega rally and perhaps the ETH ETF is the catalyst there; 23rd May is the final deadline which is actually now just over 3 months away so it's not that far. I feel like holding a good bag of conviction alts here and running it for a few months is going to be an amazing trade. I'm also getting very bullish on Blast (talking my bags as a bridger), but their mainnet launches this month and I think you'll start to see some good activity there with memecoins, DEX coins, other infrastructure coins etc. I've been late to most metas this year because I haven't been switched on but I'm going to be prepared for this one.
**NFTs** - It's all about Pudgy Penguins in ETH land as they've climbed over a 20ETH floor putting them just 3 ETH away from flipping BAYC. Lil Pudgys also continue their ascent climbing to 2 ETH. Doodles also deserves a mention as they're up another 13% to a floor price of 3.5ETH, more than double its level just a month ago. Solana seems a bit quieter with nothing really that specific to mention on my end (it feels like to me most of the degen activity on that chain continues to be on shitcoins). In ordinals RSIC has been volatile after we saw some selling in the last few days taking it back below 0.08 BTC, while Quantum Cats have also dipped down to 0.25 BTC, but still 2.5x their mint price. It appears NodeMonkes and Bitcoin Puppets have also lost some steam.
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GL This Week!