The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Alright so stocks staged an impressive recovery yesterday, brushing the CPI data aside and showing their longer-term trend ambitions. SPX closed 1% higher and NDQ 1.2% higher, while futures are up 0.2% on both indices this morning. Interest rates have seen a small rally off their recent highs but certainly remain elevated with 10Y at 4.23%. We are in the same battle as we were last year; tech driving stock growth vs interest rates remaining high on inflation concerns; it feels like the former continues to win.
**CRYPTO** - There continues to be extremely strong price action as BTC hovers just below 52K having hit it while ETH sits at its highest level in many months at 2780, looking like it's going to blast through 2800 today. BTC dominance stays sturdy at 54% while ETH/BTC has climbed a little to 0.0535. I still think ETH/BTC will go well above 0.06 this year and settle there if the ETF gets approved. I really feel like we're going to see 3K ETH in the next few days tbh. Elsewhere altcoins seem to have receded a little overnight but still remain at very strong levels and I feel like the FOMO is extremely high. I would keep an eye on memecoins; $PEPE getting listed by Robinhood last night and Cameron Winklevoss tweeting about $WIF creating a lot of Gemini listing rumours continues to draw focus to that part of the market where outsized gains can be made with a bit of luck and courage. Elsewhere I would continue to stay on top of the Blast ecosystem with that mainnet launch slated for the end of this month, I think you want to be prepared to deploy for some quick lucrative trades. In terms of ETF data, yesterday we saw a $340m net inflow which is lower than the past few days but still takes the total net inflows to $4.1bn since inception, with $2.6bn of that coming in the past 5 days. We saw a slightly larger GBTC outflow while IBIT, FBTC and ARKB all posted continued strong net inflows. Trajectory there still feels higher to me.
**NFTs** - Pudgies still hold above 20ETH while Moonbirds is the latest vintage collection to post a comeback with a 46% move yesterday taking it back up to a floor price of 1.8ETH. On Solana, Mad Lads resume their climb back up to 164 SOL - have to say very impressive how they've held their gains while SOL continues to rise. In Ordinals it looks a bit more grim with Quantum gas down a further 6% and the top 10 volume makers all down pretty big with the exception of bitmap with is up 5%. Still feels like there's not a lot of focus in NFTs yet; I think that changes later this year but now is probably the time to deploy capital if you're bullish.
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!