gm
**MACRO** - Decent day for stocks yesterday which climbed about 1% for both SPX and NDQ, while futures are ever so slightly in the green today. Interest rates have started to drop a little with 10Y now down to 4.62%, still elevated, but definitely off its high prints of the past couple of weeks. Oil is notably still depressed which is a good thing, if oil was rallying right now everyone would be turbo freaking out about inflation stuff etc. What we do ahve coming soon is the Q1 earnings season. A lot of this year's equity rally has been driven by blowout tech earnings due to the growing AI narrative, so this season will once again be highly important for the tech sector. It looks like we get GOOG/MSFT on Thurs, AMZN, next Tue and COIN/Apple next Thu...so definitely some big ones coming up. NVDA is not until later in May.
**CRYPTO** - We had another day of small ETF inflows yesterday to the tune of about $62m as crypto prices broadly held up if not losing a little bit of steam. At time of writing we stand at 66.1K on BTC, 3170 on ETH and 155 on SOL. I think there's certainly some frustration in the market as we all just want to see a continued trend higher back above 70k and beyond, while at the moment it kind of feels like every pump is getting sold and we're a little bit stuck in the mud. As mentioned yesterday with the insane run we've had I think it's fine to have a period of consolidation and it's really important at this time to not fumble core holdings. I think we will look back on current prices later this year and think to ourselves "man why didn't I buy more" - it's still early in the year and I think there is a lot more to come...it's just going to require a bit of patience. I'm kind of surprised we haven't seen more activity in Solana memecoins after the network got fixed and usually a period of stability in majors is good for things like memes (or formerly NTs) - perhaps a couple more days of stable price action will get things going again. Also don't forget we are expecting a BLAST airdrop next month. Early estimates for the FDV there seem to be $15-20bn which would imply a $1.5-2bn airdrop if they dropped 10% - I've been bullish on that for a while and I still think it's going to be a big one. My gut is it comes towards the end of May if not June given the slow progress with announcing multipliers on the platform.
GL today