The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
**MACRO** - Well, it was a pretty horrific day in macro yesterday as SPX closed 1.4% lower and NDQ 2.5% lower, with futures down another 0.6/1% this morning. It takes us back to levels not seen since May, as we saw some heavy losses across a range of big tech stocks. Alphabet (Google's parent company) tumbled 10% after it reported strong earnings but cited worries in a slowdown of its cloud biz so that certainly didn't help sentiment. Most commentary out there suggests weakness is perhaps a delayed reaction to the high interest rates we currently have (remember companies are valued at the present value of future cash flows so the higher the interest rate the lower that present value). Interest rates themselves haven't budged much in the past few sessions but we do seem to have stabilised at close to multi-year highs so this will inevitably take a toll at some point.
**CRYPTO** - We continue to see even more crypto/macro dislocation with BTC holding onto 34.5k this morning, while we're starting to see ETH and alts finally outperform with the former climbing to as high as 1850 this morning. It takes the ETH/BTC ratio to 0.053 having hit 0.05 yday. I will repeat what I've been saying for the past few days...I really really do believe ETH will catch up to this move. I think the BTC ETF approval will mark the lows for ETH/BTC and once all the focus from BTC shifts, people will be thinking about ETH ETFs. Not only that, but it's quite well known know that there are some massive ETH call sellers in the market who are having to manage their delta, and there is one large short (Sifu) who's liquidation price is 1926 which we really aren't far away from. If BTC can hold/keep going, I think we are primed for a big jump in ETH. Elsewhere memecoins continue to surge as PEPE climbed another 30% yesterday while accompanying memecoins such as $MOG, $SPX, $BITCOIN etc all experience 25%+ moves. To me, this marks a "beta grab" as crypto-natives recognise the potential of BTC here and want to be invested in the riskiest assets with potentially the highest returns.
**NFTs** - In NFT land it looks like things continue to progress lower, mostly in line with the move higher in ETH. What have actually held up pretty well are Apes which seem to be maintaining a floor price for around 27ETH. Red Bull's Velocity Pass was the big move lower which dropped 43% to a price of 0.76ETH but this is as a result of the Snowfro drop being distributed yesterday, which hit a floor price of 0.8ETH. On the whole, in USD terms, it's been a good run for NFTs in the past few sessions, I still think we are months away from a real NFT bull run but the green shots are there. GL today.
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GL!