gm
**MACRO** - So stocks ended the day down 0.4-0.7% yday on SPX and NDQ but are reversing those losses entirely today. As expected yesterday JPOW continued to signal that interest rates would stay higher for longer, and it appears that rate cuts may not take place at all in H1 and would be delayed until the second half of the year. He seemed to quash any stagflation fears however, and all in all I think it was a pretty "on the money" FOMC with no big surprises as we expected. Not much more to add here but what will probably be even more important than yesterday is tomorrow's payrolls number. At the moment consensus is 243k, vs last month's 303k....we seem to be consistently coming in ahead so let's see what happens.
**CRYPTO** - It's nice to finally see a bounce as BTC heads towards 59k, ETH towards 3k and SOL back up to 140. What's notable about price action in the past few days is that BTC dominance has been falling, now down to 53.9%. I suppose with the ETF numbers BTC no longer has that tailwid; actually we had a pretty big outflow yesterday to the tune of $564m, as every single ETF actually appeared to experience outflows, not just GBTC. That's definitely a little concerning imo and I'm kind of surprised we've bounced despite that. The other thing that is impressive to me is how strong memes continue to be. $WIF is now barely even lower in the past few days while PEPE continues to be strong, and plenty of SOL low cap memes actually higher. I think the market continues to show its hand there and if we get a rebound we are going to have a very strong meme season once again.
Gl today