The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Well today is the big day, as we get CPI numbers at 8.30AM EST. The updated consensus is for inflation to come in at a whopping 2.9%, vs last month's 3.4%. Looks like that has been revised down from yesterday's 3% number. Honestly, I think the psychological impact of seeing 2-handle inflation is really going to cause a massive market rally and so let's hope that's what happens! Equities ended the day slightly lower yesterday with futures also down 0.4-0.6% again this morning, while rates have seen a small rally.
**CRYPTO** - The train just keeps going as BTC breached 50K yesterday and has currently settled at around 49.9K. Interestingly after BTC dominance breached 54%, it's actually back lower now while alts have started to rally. ETH sits at 2675 and I am once again very bullish on it at these levels going into the ETH ETF; if BTC ETF is a resounding success the higher beta trade here is to own ETH. Elsewhere SOL is back up to 114 area with many alts following suit. It's rather remarkable to see memecoins start to move too with WIF getting back close to ATHs at just under $400m market cap as the market continues to speculate a Binance listing, after it did more than $1bn perp volume this weekend, while some other well-known memes have started to move such as $MOG which is up 100% overnight. I think we are just going to keep going higher given the ETF flows; yesterday we saw roughly another $500m of net inflows...that makes it a staggering $1.5bn of inflow into bitcoin in just the last 3 days, taking the total net inflow created by the ETF to $3.1bn. These are big numbers, but on top of that, the momentum seems to be going in the right direction with GBTC outflows low and plenty of demand being created by other ETFs. Honestly, if this keeps going, I think $100k BTC is much, much sooner than people realise.
**NFTs** - On Ethereum we saw three Fidenzas sell yesterday ranging from 66-70ETH. It keeps that floor at 63ETH. Penguins have dipped back below 20ETH, and a handful of NFT collections are indeed lower, which I believe is a response to the big ETH rally yesterday. I don't have much to say on SOL NFTs again, things feel quiet there to me. Ordinals look like they're a touch lower across the board with Quantum Cats maintaining a 0.25 BTC floor and being consistently top of the volume leaderboard. Curiously RSIC METAPROTOCOL had a bad day yesterday dropping 18%, now down 30% on the week.
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GL Today!