The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - It just occurred to me now that X has long form posts I can actually post them straight to X...so if you're on X reading this for the first time, welcome, I've been writing this Mon-Fri for over 2 years except on days where I am too hungover which these days is not that many tbh. As presented above they are literally just random thoughts in my head. Cheers. On the Macro front it looks like we had a red day for stocks yday with SPX and NDQ closing 0.2-0.8% lower respectively while futures are up 0.3-0.4% this morning. I have an eye on rates here which have been climbing since the 3.2% inflation number with 10Y up to almost 4.2% now. Next event we have is FOMC which is 19-20th March. It's certainly too premature for rate cuts but of course recent commentary from JPOW has been getting increasingly closer towards the dovish part of the scale. IMO with the big revision in payrolls and a much smaller beat than of late, and low 3-handle inflation, there isn't much impetus for him to change messaging here and as a result I feel like we prob have a non event which I think is gud for markets coz we're in an environment where no news is good news and things will continue to trend higher.
**CRYPTO** - Another massive inflow day yday...$684m which means we've seen around $1.2bn in the first 3 days of this week with the total inflow at $11.83bn. Mental numbers and they simply just keep going. We're clearly at some sort of consolidaton level for BTC as that didn't move the needle much yesterday, rather we saw alts start to move. ETH struggles as Dencun upgrade is apparently a sell the news event, stuck at 3980 area while BTC holds above 73k meaning ETH/BTC has dropped to 0.054. SOL continues to gather momentum climbing to new YTD highs of 174 today with SOL/ETH up to 0.044...I think we will see that retest recent highs of 0.05 soon...SOL to me is still one of the greatest risk-reward trades out there. We are seeing another leg higher in memes as $PEPE ate a 0 to hit new ATHs, with a market cap of $4.4bn. $WIF degens managed to raise in excess of the $650k required to put the hat on the Las Vegas Sphere and as a result we're seeing that hit new ATHs too of now $3.4bn market cap. Mental. Personally am not trading much here and letting things ride; if I was to add risk I would look at things in the $300-5000m range that have a chance of getting potential listings and have demonstrated gud lindy...I think stuff like MOG, COQ, MAGA are interesting here given the big move higher in PEPE and WIF.
**NFTs** - Mostly a sea of red in terms of price action with BAYC falling back below 15ETH and Pudgy Penguins down below 11ETH. DeGods now at 1.3ETH and yeah things in general for ETH NFTs continue to look grim as people liquidate to chase other movers. It's a hard one rn for NFTs because so many things are moving aggressively...like almost every shitcoin is going higher, so to keep holding your NFTs presents a massive opportunity cost of capital, and people seem to be steering to the ones where there are token drops expected. Ordinals have fared differently but but it looks like even there we are seeing price action lower in the last day and also on the week, with NodeMonkes at 0.54BTC and Puppets at 0.18BTC. I just think NFTs are going to move more aggressively in a later part of the cycle which prob means there are some good buys out there but it's tough to bag hold in this day and age.
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GL Today!