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 equities ended the day unchanged on Friday and futures are also unch'd this morning. Today is Martin Luther King day so equities I belive will actually be closed in the US so we are probably set for a quiet day. the next important thing to watch out for macro-wise is the FOMC which occurs 30-31st Jan, so we're still about a couple of weeks off. Remember, we had a strong payrolls number and a high inflation number so there is some risk we kick off the year with a more hawkish FOMC than the market was expecting, given the data. With prices where they are at the moment I am erring on the side of caution from a macro perspective.
**CRYPTO** - It feels like we're kinda just hanging on at the moment, BTC has threatened to drop below 42k a few times, tbh I think it has, but that dip seems to be getting bought relatively well so far. I'm not a cartist but many seem to be clamining that if it fails to hold 42k then we could drop back to the 35-38k range. As I mentioned last week a delayed pullback in BTC post the ETF news is not crazy, just a question of how far we dip and whether we've already seen the full extent of it or not. ETH is holding in like a champ as ETH BTC sits at a whopping 0.059, marking like a 30% outperformance of ETH vs BTC in the past few days. If only you could read a daily newsletter that had been predicting that. What is interesting here to me is SOLETH, which is now down to 0.038 having hit highs of 0.05 earlier. It marks a huge 40% outperformance of ETH vs SOL since that high. IMO, in bull markets, beta and risk outperforms and I can't help but wonder if it's a good entry point again to rotate from some ETH to SOL. With BTC ETF narrative now passed, a lot of focus is on ETH ETF but it's a long road to the May deadline. I think it means we see a return of degenning/casino stuff in more force and that happens with shitcoins on Solana, particularly given the JUP airdrop coming at the end of the month, now just 2 weeks away. Indeed, we saw $WIF hit a new ATH in terms of a daily close yesterday and that currently sits at a market cap of north of 350m. So yeah..keep an eye on that ecosystem, because I think it's going to pick up steam next couple of weeks.
**NFTs** - ETH NFTs are kinda mixed it looks like MAYC seems to have had a decent bounce following last week's loan liquidation fears and the floor is up to 4.5ETH. Elsewhere Azuki continues to drop, after the mega sweep which pumped the fp to 9ETH we currently sit at 6E. Pudgy Penguins show no signs of slowing down and have climbed to a whopping 12ETH floor, pretty incredible. Another project to watch out for is TinFun which received something like $40m of interesting in their mint, that sits at a floor price of 0.76ETH currently having minted at around 0.2ETH I believe. Saga Monkes and Froganas back from the dead on SOL as they're both up about 20-30%, while Mad Lads hold in stready. It's funny, in all my degenning in Solana I haven't really gotten stuck into NFTs and my timeline seems quiet on them. Wonder if that changes. In ordinals, we saw NodeMonkes climb back up to a 0.224 BTC floor while Bitcoin Puppers are down to 0.02, from their highs of around 0.035. Hot potato much?
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GL this week!