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 after a couple of quiet weeks for markets we kick this week off with some importance, as we get non-farm payrolls on Friday. So far payrolls have been coming in hot and the market continues to shrug it off; or perhaps a better way to put it is that stocks don't seem to care while interest rates gap higher. I keep talking about the tech vs rates battle and the former continues to win. We had a strong day in equities on Fri as they hit new ATHs with SPX up 0.8% and NDQ up 1.4%, futures are unchanged this morning. We started to see a bit of an interest rate rally as 10Y fell to 4.2%.
**CRYPTO** - So much to talk about. At time of writing BTC has jumped to a new YTD high of 65k on Asia buying; we ended the week with about a $180m BTC ETF outflow but it was still a net inflow of $1.6bn on the week and I suspect today's buying is in anticipation of more inflows once the US market opens. ETH appears to be lagging here, stufck at 3.5k as ETH/BTC has fallen to 0.0538, the lowest it's been for a while. BTC dominance remains elevated at 54.3%. During the week it appears to be a BTC story and the weekends seem to be a memecoin story as we now see $PEPE at a staggering $3bn market cap, with $WIF following a close second momentarily hitting a $1.8bn market cap. As I've mentioned before I think we see a period this cycle with multiple memecoins and multi-billion dollar market caps and it feels like we are on our way there if not already there to an extent. $WIF has been a big winner for me and still remains interesting as it approached almost $2bn without a T1 listing from either Coinbase, Binance or Gemini, while $PEPE also lacks a Coinbase listing. In bear markets these are usually sell-the-news events but I'm curious to see if that dynamic changes in a bull market as obviously it's much easier for normies to buy coins through a CEX. If you're up big I think now is a good time to start taking some profits but something tells me we've not seen the end of this move and there is more to go...but I certainly plan to sell into strength here.
**NFTs** - Ordinals are simply on fire and it almost feels like they are sapping out the liquidity from other projects. Nodemonkes returned 123% in the last week (not to mention the price increase in BTC) and now sit at a 0.89 BTC floor which is insane. At the same time, we saw ETH collections such as Penguins, Azuki, BAYC, MAYC etc fall in value. Solana NFTs continue to just not really be on the map for me at the moment, both from a volume standpoint but also from a timeline standpoint; I just don't see anyone talking about them. The meta/booster for ETH NFTs seems to be anything that has an upcoming token gets well bid with the market craving for new coins. It feels to me like ordinals could be the ETH NFTs of 2021 and present a big investment opportunity even though things are up big already. Yes I know...so much to look at and so little time.
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GL This Week!