gm
**MACRO** - Alright well it's a tough open for stocks this morning which see themselves in the red, down 0.3-0.9% on both SPX and NDQ. Difficult to ignore interest rates here as 10Y has drifted to new local highs of 4.31%. This comes ahead of the FOMC which starts today and finishes tomorrow. I think the wide expectation is that interest rates are kept the same, anything else would be a surprise. As usual, Powell's press conference will be important. It's a tricky one because only a few weeks ago he gave an ultra dovish speech, but of course we have had hot data since then with CPI, PPI and payrolls all coming in higher than expectations. To me it feels like the market is a little bit worried/beared up going into tomorrow which I kind of prefer, as it means more room for an upside surprise. However, I am too a little bit worried given the data we've had; I still don't believe there's much in it for them to change their tune, and I still believe in the conspiracy that they will talk things "up" ahead of the elections. We will see what happens.
**CRYPTO** - Bit of a bloodbath this morning with BTC down to 63.2k and ETH down to 3280, having wicked a decent amount lower on both. SOL continues to outperform sitting at 180 but it's some ways away from the 208 high we saw yesterday. It's interesting to see such a nuke given funding has been super low over the past couple of days, but I suppose it appears that we've had some spot selling post BTC ATHs as people look to take profits ahead of the FOMC. Yesterday's ETF number didn't help things as we had a $154m outflow, the first outflow since 1st March, so it would appear the steam has run out a little bit. IMO this will serve as a good dip to buy, I think positioning is a lot cleaner and it's only natural to see pullbacks when people are in great profits. 20-30% dips in bull markets are not uncommon, and I think just holding onto your best positions through this will age very well in weeks or possibly days to come. The presale meme meta I think is starting to die out and it looks to me like a lot of liquidity has gone to some of the larger more established memes. I expect those kinds of trends to keep going. SOL has obviously had an insane run and I think that keeps going to. As we had into April, a lot of focus will pick up on ETH ETF and that will be the most important thing for crypto.
**NFTs** - Kind of grim the as my entire screen looks pretty much red with many project down about 5-10% alongside crypto's recent dump. ETH NFTs continue to struggle the most while ordinals have held in reasonably well on a weekly basis, but are certainly lower in the last 24H. Something certainly worth mentioning is that we saw a 1.2K ETH NFT sale yesterday, the original dog wif hat image which sold for $4.3m at the time to iconic crypto trader GCR. I see a lot of commentary about this kickstarting an NFT bull but personally I think this is unrelated to the NFT market and more to do with positioning in WIF and what the impact of such a purchase can have.
Find all of our charts on Degenz.Finance and make sure to subscribe to the Mando Minutes Newsletter at mandominutes.com for even more news on the Macro, Crypto and NFT landscapes:
GL Today!
The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.