gm
**MACRO** - Good day for stocks yday which ended 0.9% higher on SPX and 0.4% higher on NDQ. Futures unchanged this morning. Rates look a little lower once again with 10Y now at 4.21% having been even lower yesterday. Don't really have much more to add here...feels quiet at the moment…next Fri we have payrolls and I think things will start to pick up as we get deeper into election period but I guess for now enjoy the peace.
**CRYPTO** - We had a very strong surge yesterday with BTC getting close to 72K but we sold off after news hit that a federal judge denied Coinbase's motion to dismiss an SEC lawsuit against them (to do with violating investor-protection laws). It's a negative headline if you were expecting this case to be dismissed, but it's important to distinguish from the fact that this doesn't mean Coinbase has lost this case, it simply means the case will go to trial as planned. I think some of the initial headlines yday were perhaps overly negative and we wicked to as low as like 68k before slowly grinding back higher to north of 70k which is where we are now. ETH has truly been stuck in the mud of late as it hovers just below 3600 still with ETH/BTC all the way back down to 0.05 while SOL/ETH is at 0.052. I think at this point a rejection of the ETH ETF is more or less priced in...it actually makes me like ETH quite a lot here because market overall is not expecting the ETF to get approved at the outset, but of course there is still some probability that it does. Kind of like the risk/reward on ETH here as a result.
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!
The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.