The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Stocks ended the day in the red once again yesterday, closing 0.2% lower on SPX and 0.5% lower on NDQ. Interest rates are barely moving at the moment but from next week onwards it's tough not to expect some volatility with the slew of economic data we are going to have. Again, still not really much to add here at the moment and I've been spending less time reading about macro given everything that's going on in crypto and that's prob a bad thing lol so I might spend this weekend refreshing if I have some down time...gotta be aware of everything can't get too sucked in.
**CRYPTO** - Well, BTC touched 64K yesterday and ETH 3500 before there was a massive liquidity cascade wiping out like $1.4bn of OI. With funding still VERY high I expect waters to be choppy. I still think we keep going higher but it's going to be volatile in between with nasty wicks and I think you have to be extremely careful on leverage here. Yesterday we saw a net inflow of $680m into BTC ETFs. That is the highest inflow day we've seen since inception; we've seen $1.8bn of inflows in just the first 3 days of this week, which takes the total to now $7.4bn. The thing is, it's not going to stop...it's going to keep going and we're now starting to get to FOMO/normie territory IMO with Coinbase seeing an outage yesterday and crypto products climbing the ranks on app stores. SOL has massively underperformed but it feels like the overhang has now cleared; I'm hearing murmurs that a deal has been struck for Novogratz' supply and thus today we see SOL up to 132 and SOL/ETH climbing 8% to 0.038. Buying SOL really was the trade there in the last few days. Memecoin mania took a bit of a breather yesterday but we did see a new ATH for WIF as it hit $900m market cap and with Coinbase/Binance/Gemini listings to come I can only imagine that becomes the next unicorn memecoin with the Solana tailwind now behind it. Today we will see $PORTAL launch, at 10AM UTC. It looks like the lowest offer on whales.market right now is at 3.2bn FDV while holy fucking shit I just checked coinmarketcap and it has it at $40bn FDV fuck me lol...that number cannot be right that is wild. I've never seen such a big range and mismatch here...and now it's at $50bn lol. I honestly don't know what is going to happen here but we will see soon enough. Don't forget BLAST mainnet launches today too....1PM PST lol.
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GL today!