The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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**MACRO** - PPI came in hot on Friday, yet another inflation metric coming in above expectations. Equities reacted negatively by falling 0.5% and 0.9% respectively on SPX and NDQ but futures are seeing a little bounce this morning. Interest rate of course blew out in quite a big way on Friday but have since come back in a little, as it stands we're at 4.65% on 2Y and 4.28% on 10Y...considering 10Y started the year at like 3.8% it's been quite the sell off in interest rates as the market reshapes its expectations on Fed rate cuts. I don't think there's a crazy amount of data this week but of course February is a short month and things will kick off again in March which is less than 2 weeks away....where has the time gone this year already!?
**CRYPTO** - With the US market closed today we will be lacking some ETF data and we saw the usual pattern of crypto selling off on Fri/Sat only to rally again on Sunday. ETH is the star performer at the moment as it climbs to new ltm highs of 2910 while BTC holds in at 52.4K. A a result it takes ETH/BTC back up to 0.057, and SOL/ETH down to 0.038. SOL has really been a laggard in the past few days - I do think that is primed to change at some point but a lot of the focus is going to continue to be on ETH with the ETF narrative being the most prevalent one in the market at the moment. We have now seen a total of $4.92bn inflows into BTC ETFs since inception and that number seems to keep wanting to go higher, despite an acceleration in GBTC outflows in the past 3 days. My guess here is that we are going to rally tonight ahead of the market open tomorrow in anticipation of ETF flows. Still max bullish here nothing has really changed for me - I would keep an eye on ETF flows, as soon as that starts to slow or goes negative I would expect crypto to backup a little.
**NFTs** - Red across most ETH NFTs, again, prob because of the ETH pump. BAYC has pulled ahead of Pudgy Penguins again but the difference is a meagre 1.5 ETH. Worth noting that Creepz is up a further 23% to a floor price of 3ETH. This is likely because there is some expectation of them getting a PORTAL airdrop which is trading at about $1bn FDV pre launch. Solana NFTs are actually up a decent amount across the board with Mad Lads leading the charge higher climbing by 16% now to a price of 199 SOL - pretty insane, it's up 20% in the last 30 days and has kept up with the Solana rally. Pudgy Penguins have been a great "airdrop asset" to own and it feels like Mad Lads could be the version of that on SOL. In Ordinals, price action looks good too with most favoured collections up 16-18%, with NodeMonkes and Quantum Cats topping the charts for the moment. NFTs kinda looking good again!
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GL this week!