The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Equities are quietly ticking along, up another 0.2-0.3% today. Interest rates mostly unchanged, we're at 4.44% on 2Y and 3.92% on 10Y, I guess we're modestly higher than last weeks lows, but not a huge move either way. Worth mentioning that oil has been ticking up in the past few sessions, we're back up to $74 from lows of $69...nothing to worry about there but just noting it. Nothing really more to add on the macro front, we get PCE data on 22nd December which is worth keeping track of but I don't think will cause a tonne of vol either way.
**CRYPTO** - We saw some decent strength again in majors yesterday but they were unable to hold; nonetheless we remain at 42.3K and 2200 on BTC and ETH which still marks a solid bounce vs yesterdays lows. I've been watching AVAX, SOL and INJ as the alt L1s and so far INJ seems to be the strong outperformer this week..looks like it's up about 30% or so in the past few days. BTC dominance has been climbing and we're back to 53.5% while ETH/BTC has been getting worse, down to 0.051 at the moment which I think is pretty close to the lows. It's been a painful year for ETH and it's stuck in an awkward situation with BTC having very near-term ETF tailwinds while other L1s are seeing a surge in activity given the early stage of their life cycles. I do think ETH will have its day in the sun next year as I keep commenting but for now it seems pretty grim. There's been a lot of focus on memecoins on other chains, in particlar Solana as people have become hellbent on looking for the "next $BONK". I would note that $WIF seems to be the front runner there which is up about 500% or so in the past few days to have clipped a market cap of $200m at one point today. Given the low tx costs on Solana it's easy for these memecoins to have a lot of holders (BONK has 500k compared to Pepe's 150k, WIF has 20k compared to most ETH memecoins having 10k), as a result that can drive a lot of volume and makes exchange listings more realistic. $COQ on AVAX and $NINJA on INJ are the two others that seem to be dominating the timeline.
**NFTs** - ETH NFTs continue to be quiet while SOL NFTs have been experiencing a lot of volumes; indeed a lot of the concepts from above have also translated to NFTs. BoDoggos have been a strong performer after GordonGoner bought one the other day and they are up to a floor of 13 SOL, marking over a 100% gain but about 20% off its highs of yesterday. Elsewhere Mad Lads seem to be holding steady at 218 SOL. Ordinals have also been active, with the flagship collection there, Bitcoin Frogs, moving to a floor of 0.39 BTC (pretty insane).
[ insert SOL NFT charts - COMING SOON ]
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GL today!