gm
**MACRO** - Stocks ended the day very tiny green yday despite some continued geopolitical tension but those gains have failed to hold on with SPX and NDQ both down 1-1.5% to start the day here. Interest rates also seem to be surging higher yet again with 10Y making new YTD highs of 4.71%. On the whole not a pretty picture and that comes after META stock also dropped 11% after hours yesterday after reporting earnings Today we get MSFT and GOOGL earnings which will certainly act as somewhat of a bellwether for stocks. One thing worth noting us US GDP numbers with Q1 growth coming in lower than expected at 1.6% vs 2.5% - that is certainly a weak print and one that make the Fed re-think things once again.
**CRYPTO** - Crypto took a beating yesterday with BTC dropping all the way back down to 63.7k, ETH to 3100 and SOL to 143. I suppose we've started to once again move in line with macro somewhat but crypto does seem to be trading pretty terribly right now; every time we get a pump like yesterday and look like we're finally about to break out we get jeeted back down. It's not even like leverage is crazy high at the moment; I mean, gross risk is certainly present but there were just $215m of liquidations in the last 24H and OI is down majorly across the board. So yeah setup kind of looks nice and I'm surprised why we nuked so much. There seem to be headlines today suggesting that the SEC will likely reject the ETH ETF next month. I suppose that is the base case now, I mean we did see some movement yesterday and I think Blackrock won't go down with a fight, but perhaps May is off the cards and we must wait longer.
GL today