*The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.*
gm
**MACRO** - We finally saw some small reprieve yesterday with NDQ closing green on the day, while futures this morning are both up, 0.5% on SPX and 0.7% on NDQ which is nice to see after a tough few days. It's also warming to see interest rates come off their recent highs (kind of felt like a bit of a disaster last week), while oil has also lost some ground down to $86. I really don't have much more to add here on macro and it certainly doesn't feel like it's where the action is at right now so let's move on.
**CRYPTO** - Well, congratulations to those who have been patiently bullish because we are finally seeing some very strong price action, with BTC at 34.4k having hit 35k and ETH at 1830 currently. This comes after rumours are intensifying that we may see BTC approvals this month, let alone this year. Yesterday there was a court mandate which requires the SEC to reconsider the Grayscale's BTC application - I don't think there's a tonne in that but it definitely puts pressure on the SEC to act soon I feel. Secondly, it appears that Blackrock amended their filing with two changes: 1. they have obtained a CUSIP (an alphanumeric security identifier) in preparation for a launch 2. they state that the "Seed Creation Baskets" were made on "October [ ] 2023". As a result, the market has gotten pretty bullish on approvals possibly coming as soon as this month (which basically means in the next week lol). We've seen the rally purely be led by BTC with BTC dominance surging to new highs of 54% while ETH/BTC is down to new lows of 0.053. Personally I feel like if this BTC strength persists, we will see both ETH and other alts catch up pretty quick and I think that's where the alpha is at the moment. BTC back to ATHs is a 2x from here and I think people will want to outpeform that for sure. It's also important to remember that there are spot ETH ETF applications too, if those go through (or even if Blackrock makes one) I would expect that to be a powerful catalyst for ETH to catch up. Elsewhere in memecoin land we saw a 25% jump in $PEPE after 6.9trln of dev supply was burnt, with the remaining to be used for marketing. $Bitcoin and $MOG were also strong performers, with the latter up almost 100% at one stage after Malik Obama (Barack Obama's older step brother) started tweeting about $MOG. It's certainly a crazy timeline right now, imo we just need BTC to hold/progress higher and we could be in for some very parabolic price action higher. I'm not getting my hopes up and we've been too often disappointed this year, but I'm certainly holding for the ride.
**NFTs** - A strong day of NFT volumes yesterday saw $17m trade across the market which is about 2x the most recent daily volumes. Unfortunately price action has started to subside along with the ETH rally but I think that's generally to be expected as a knee-jerk reaction. It looks lik ethere were plenty of punk sales while another spirit Azuki traded, this time for 115ETH but it does appear to be a notably rarer one that yesterday's sale. The best performer in the top 20 was CloneX which is up 11% to a floor price of 1.3ETH and up 25% on the week. NFTs have had a good past few days and it will be interesting to see how they fare now along with ETH.
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, it's gonna be a cracker.