The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Another tough day for equities on Friday whch saw a 1.3% and 1.5% decline in both the SPX and NDQ with futures once again losing ground this morning down 0.4% on both. It's actually been a rather weak run for stocks in the past week which now takes the SPX back to lows not seen since the end of June earlier this year; it's been a similar story for NDQ as well. It would seem that the persistent high levels of interest rates finally start to take their toll ont he market, and although we've seen 2Y rates rally a little of recent highs, 10Y rates have finally breached 5% taking them to the highest level they've been since 2007. We have one more week to wait now until the FOMC but it's hard for me to think they are going to communicate anything materially different to what they already have with the data in between showing a strong US economy with inflation continuing to stay low/dropping a little.
**CRYPTO** - We saw yet another weekend rally which has fed through until today with BTC sitting at 30.5K and ETH at 1670 right now, with both of them having seen higher levels. We're starting to see altcoins participate in this rally too with many of them up 10-15% in the last 24H with SOL breaching $30 overnight. The ETH/BTC ratio bottomed out at around 0.054 a couple of days ago and while we've bounced off, we sit just at 0.055 vs highs of 0.07 in June showing just how much ETH has underperformed but indeed leaving plenty of room for outperformance. It's also been interesting to watch memecoins here with $PEPE, $BITCOIN, $MOG and a few other strong performers of the summer's mini cycle displaying some 50-100% moves off the lows. My feeling is that when bitcoin rallies, the propensity to want to chase bigger and riskier returns is extremely high and we start to see some of this stuff pump aggressively. My gut feel is we can see another proper memecoin before the end of the year IF this BTC strength holds, but as always with this part of the market you MUST treat it as a gamble and be ready to lose all your money.
**NFTs** - Amazingly it appears that NFTs continue to edge a little higher with most things in the green once again. If you look at the 7-day price action, many colletions such as DeGods, Azuki, Captainz, Doodles Meebits etc are up 10-30%. Maybe the end of Blur farming has caused people to become bullish again but it does feel like a lot of the sell pressure we've had for the past few months seems to have subsided. I'm surrpised it's not garnering more attention actually to be honest. There still don't seem to be many large sales; it appears there was a spirit Azuki sale for 45ETH overnight, and I believe another 150ETH Autoglyph sale over the weekend but that's about it. Feels like "watch this space" for NFTs atm.
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!
Great read ser! SOL in particular is looking very bullish. Check out this thread I wrote from my Company account about the reason for SOLs rally - https://x.com/loch_chain/status/1715627929718423922?s=20
And check out our product - It's an all in one Portfolio and Wallet Analytics tool - https://app.loch.one/home/FWznbcNXWQuHTawe9RxvQ2LdCENssh12dsznf4RiouN5?redirect=home