The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Well we finally get some action this week! The FOMC starts tomorrow and concludes on Wednesday. The expectation is that the Fed will keep its base rate unchanged, and as usual, what is going to be super important is the press conference after. Last month we finally got what seemed like a dovish Fed, but since then we've had very strong economic data exceeding expectations, including high inflation, high payrolls and mega GDP growth. The risk for the market is the Fed changes its tune from December and communicates there is more wood to chop. As if that wasn't enough we have ISM Manufacturing PMI on Thursday, followed by payrolls on Friday, so it could be a volatile week in traditional markets depending on how the data goes. Stocks closed slightly lower on Friday and are opening a touch higher today, while interest rates seem to have continued to fall. Price action in the next 2 days is mainly just noise until we get the FOMC imo.
**CRYPTO** - Interestingly it's kind of been a bitcoin led market recently as BTC has climbed back up to 42.2k after Friday's GBTC outflow number was the lowest we've seen yet. If that trend continues today I think we can see BTC continue to go. BTC dominance has climbed from a low of about 50.75% to now 52.4%. ETH has once again become the laggard, as ETH/BTC has fallen all the way down to 0.054 while SOLETH has climbed massively up to 0.043, from lows of 0.036 last week. There is a lot of talk about Solana on the timeline and I think rightly so given yesterday we saw Solana flip Ethereum in 24H DEX volume while on Friday Jupiter surpassed Uniswap in volume after the launch of $WEN. There is a tonne of activity happening on Sol right now and I think it's very tough to ignore it. Jupiter perps are trading at like a $7.2bn FDV in the grey (same as Uniswap) while Solana's market cap remains around $55bn (FDV), compare to ETH which is at $275bn. Now, these relationships aren't entirely transitive but I think it does highlight the huge upside potential of SOL even at current levels. Personally I think I'll be converting a large chunk of my ETH on BLAST into SOL if it remains at these levels.
**NFTs** - In ETH price action is pretty grim actually with Pudgy Penguins leading the volumes but falling by abut 9% to a floor price of 1ETH. A big drop has been seen in Redacted Remilio Babies, part of Remila Corp which is down 30% to a price of 0.6ETH, while Miladies are also down 13% to 2.4 ETH. Not pretty! In other news Rektguy has been among a few 2021/2022 projects that continue to do well as a 50-rektguy sweep took it up 30% to a floor price of around 0.65 ETH. On Solana floor prices are mostly flat with no big movers in either direction. Mad Lads continue their steady ascent and are up to 175 SOL, up 27% on the month now. In ordinals things are also slightly lower with Puppets dropping to 0.04 BTC, down from their recent highs, but they continue to dominate a lot of the timeline and mindshare. Watch out for Quantum Cats mint today in Ordinals space which is coming from the Taproot Wizards team.
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GL this week!