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 yesterday in the US but we should return with some action today.
**CRYPTO** - It continues to be an ETH-led rally at the moment as it came very close to breaching the magical 3K level last night, falling short at around 2980. BTC is a touch lower along with most alts this morning, sitting at 51.7K. ETH/BTC went as high as 0.057 last night but has dropped off a bit while SOL/ETH continues to fall, now down to 0.037. Feels like we're seeing a little bit of weakness across the board in crypto this morning apart from ETH. With the US markets once again open we will get ETF flow data returning to the market and naturally this will be pivotal in terms of judging which direction we go. The other thing to note here is that funding i starting to get quite high across most coins (which is a sign that leverage is ticking up). I think that explains a lot of the random wicks down we've been seeing and we may need funding to chill out again before we can meaningfully rally, or rather, reduce volatility. It doesn't change my bullish stance but it does increase the risk of nasty wicks and wipsaw-like price action, so I would personally make sure you have very little leverage and mostly in spot.
**NFTs** - There's a lot going on in ETH NFTs. A bunch of Punk sales across the board while a full set o Autoglyphs sold for a whopping 5000 ETH, perhaps signalling that the NFT bull market may finally be back. PFP collections are mixed, with the heavy hitters unchanged while lower FP stuff such as Sappy Seals and Rektguy posted 30-50% gains yesterday. I think NFT projects with communities that didn't die or get heavily fudded are the ones to really look out for. On Solana all focus continues to be on Mad Lads as they hold at 196 SOL floor, while quantum cats and node monkes continue their ascent on ordinals, with the former climbing 13% overnight to reach a floor price of 0.245BTC.
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GL today!