The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Equities are doing great. We ended the day up 1.2% and 2% on SPX and NDQ to hit new ATHs on both I believe, and futures are once again up this morning to the tune of 0.3% and 0.6%. We also saw interest rates rally a little off their recent highs with 10Y now back down to 4.12%. It's been a slow start for macro this year but it does appear that things are finally getting going, with many of the gains led by tech stocks. I think it's going to be tough to top last year in terms of returns, but I still think it ends up being a gradual positive one for equities, which means investors may look further down the risk spectrum in order to get additional risk. Top down I think that should be bullish for crypto, especially with spot BTC ETFs out there but it may just take time to play out. Always have to factor in that this is an election year too.
**CRYPTO** - Timeline feels gross at the moment. There is a great fear of Grayscale dumping, even though for the first 5 days of ETF trading we've actually seen an overall net inflow into ETFs, but it would seem the panic being caused by Grayscale is resulting in excess supply of bitcoin elsewhere in the past few sessions. IMO we will probably keep seeing Grayscale outflows...BTC has done well to hold on to its 40K level but today we're down to 40.4K with alts really getting battered too, down about 7-10% across the board. It feels like today might be the day we fall below 40K tbh. It's an interesting one because I've talked extensively about my belief in a sustained "Solana season" but when you have a big macro crash some of that goes out the window, or rather, I think it will create an amazing buying opportunity for that ecosystem (kind of reminds me of when the market crashed in May 2021 which was an insane buying opportunity). I think we are going to see a fantastic year for crypto, but you have to be conscious of short-term volatility and make sure you stay in the game.
**NFTs** - ETH NFts are strong today all up 3-5% but of course ETH is down so in USD terms they are probably all lower. CryptoPunks seem to be the main thing everyone is focused on right now as they've climbed to a floor price of 65ETH after there were multiple sweeps of mid-tier punks over the weekend, with many of them continuing to have strong bids on them. Elsewhere we also saw a large sweep of Cool Cats which has pushed their floor price up 66% to north of 1ETH. On Sol it's mixed price action but CryptoUndeads seem to be stealing the show having more than doubled off their lows to a floor price of 13 SOL after the community seemingly strengthened there over the weekend. Finally, in ordinals, we saw some heavy weakness over the weekend but there appears to be a bounceback of the usual suspects of NodeMonkes, Bitcoin Frogs and Bitcoin Puppers which are all up about 8-10% to start the week.
GL today!