The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Markets were closed in the US yesterday but worth noting futures are starting the day a decent amount lower, down 0.5-0.6% on both SPX and NDQ. Today's big mover is interest rates where 2Y has climbed back to 4.2% and 10Y back up to 4.01%. We'll see how things fare today but I expect there is going to be some increased hawkishness into this month's FOMC given everything I've mentioned in the past few days.
**CRYPTO** - Kind of a mixed last 24H but I think on the whole it's encouraging to see BTC manage to hold onto its 42K level and this morning it has climbed further to 42.9K. ETH has been very stable and currently sits at 2530. Not much move in the ratios, with ETH/BTC at 0.089 and SOL/ETH at 0.038, while BTC dominance remains just above 51%, quite some ways lower than the 55% we saw on the ETF approval. Tbh I'm still not really sure where we go from here for crypto but it feels like we're in for a period of consolidation and potentially no massive moves on majors which I think is good for the degen part of the market which I continue to believe is happening on Solana. Note, the JUP airdrop has been confirmed for 31st January so I suspect that will buoy that part of the market even further.
**NFTs** - Pudgy Penguins continue to steal the show as they touched a floor price of 15ETH yesterday and have currently settled at 14ETH. That marks a 50% increase in the last 30 days as the Pengus continue their price discovery. Elsewhere, things actually look pretty good for ETH with most collection sup about 5-10% yesterday. Things are quieter on Solana as Saga Monkes continue their rasp of volatility falling 21% yesterday, while most collections seem to be stationary. Things don't look great for Ordinals today with the top 5 volume makers all in the red, notably Node Monkes falling back below 0.2 BTC and Bitcoin Puppets below 0.02 BTC.
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GL today!