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** - Well today is the big CPI day and inflation is expected to come in at 3.6% vs last month's 3.7% with core at 4.1% vs last month's 4.3%. Those would be nice numbers imo, showing inflation moving lower once again having had a couple of months of rises, but of course it does leave room to be disappointed in PPI came in above expectations yesterday too. Equities actually have been having a pretty good time despite the geopolitical tension, with stocks closing 0.4% and 0.7% higher yesterday on SPX and NDQ and futures up another 0.4% this morning. Uptober may not be playing out in crypto but it certainly is in equities with there being a solid rebound in the last few days. Interest rates have started to leak higher again with 2Y back up to 5% and 10Y at 4.57% and I would expect a lot of volatility there from today's CPI number.
**CRYPTO** - Continues to drift lower as expected with BTC now down to 26.7K and ETH to 1543; it does appear that BTC is finally starting to catch up with the broader underperformance but the ETH/BTC ratio remains at 0.058, marking only the tiniest of bounces, while BTC dominance has dipped below 51% for the first time in a few days. Something to be wary of is that the SEC has until tomorrow to appeal the court's ruling on their Grayscale decision. It's important to understand that this is simply a deadline for the SEC to appeal the court's decision, NOT a deadline for the SEC to approve or reject Grayscale's BTC ETF application. Of course, if the SEC chooses not to appeal, it's certainly a bullish indicator as it means the SEC has given in to the court's decision on this specific case. Theoretically, the SEC could then still come up with another reason to reject the ETF, but it would certainly mark a big win for crypto. With crypto prices generally down quite a lot it does make me wonder if this could be a small near-term catalyst but any strength feels like it could get sold.
**NFTs & Misc** - Not much to say here other than WoY continues to rally climbing a further 7% to 7.4ETH after the MoMa officially acquired a Refik Anadol piece marking it's first official tokenised acquisition (a great move for the space). Pfps in general haven't really moved and there's generally not much else going on in NFT land at the moment. It's still pretty amazing to see $8-9m of volumes a day and I guess that might just be the last of the Blur farmers churning through.
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GL today!