The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - A quiet day for equities yesterday saw the SPX close 0.4% lower and NDQ unchanged. We currently sit here up 7% YTD on SPX and 6% on NDQ which is pretty impressive given the rout we had last year and the fact we're only about 2 months into this year. Interest rates have stayed stable but of course are up on the year with 10Y still at 4.27%. Man...imagine if we started getting lower inflation data I don't think we're prepare for how crazy the market would get then. Coinbase had a monster day yesterday up a whopping 17% which takes it back to a price of now $194. Once again, I believe this will be good for crypto.
**CRYPTO** - Well, we keep full sending and yesterday was one of the first days where we saw the entire crypto space move higher...majors, defi, memes gaming you name it. As it stands BTC is at 56.5k with ETH at 3245, both at new YTD highs and their highest levels I believe since like December 2021. Yesterday's BTC ETF data showed a whopping $520m net inflow taking the total since inception to now over $6bn, with GBTC outflows only just $22m. The new ETFs did total volume of over $2bn yesterday posting its largest volume day since day 1. Like I said, I think this is not slowing down and we will continue to see such flows enter crypto with the current bid for risk assets remaining as it is. BTC led the move yesterday as dominance rose to 53.5% and ETH/BTC dropped to 0.057, but that only makes me think alts still have a LOT of room to run. Something that has underperformed drastically is SOL which sits at $111, still below the levels we saw in December earlier this year. I think that is due for a big correction. Memecoins were talk of the town yesterday as $PEPE climbed 50% to rise to a $900m market cap while $WIF hit new all-time highs closing north of a $500m market cap. I think we will see an environment when many of these coins sit at multi-billion dollar market caps in the peak peak bull market and you just have to pick things with survivorship/lindy. It's been announced that BLAST mainnet is launching on Thursday now too, the same day as when Portalcoin launches, so there's going to be plenty going on there as well. The most incredible thing is it *still* feels like we haven't seen normie entry yet and perhaps that only happens after ATHs on majors are achieved. This is going to continue to be a big week.
**NFTs** - Miladies did a tonne of volume yesterday topping all the charts as their floor price rose by 34% to a price of 3.08 ETH. Its actually the only collection in the top-10 volume makers that went up in its native token as the others shed 5-10% presumably given the great crypto pump yesterday. Despite that, NFTs have provided a fantastic levered return on crypto and I think that's something that will continue as this year progresses. We haven't truly seen an NFT bull market or NFT FOMO yet, not even close to in my opinion. I would buy more NFTs here but I think there is still a lot of low-hanging fruit in fungible tokens on easy mode and I suspect that NFTs will still take a little longer to get going, but we are not far away. With the current hype around tokens, I would focus on projects that have upcoming tokens; Creepz are a good example of how that can be a successful strategy.
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!