gm
**MACRO** - It's an important week this week with the FOMC starting today and concluding tomorrow. I believe the consensus is that interest rates are kept unchanged, but it's going to be interesting to see what Powell signals about any rate cuts this year. TBH we've heard Powell speak quite a lot recently and all communication seems to point to the "higher for longer" narrative so I'm not sure we can expect him to say anything different, and markets are probably prepared for that. Equities had a small day higher yesterday and on the whole have been reasonably robust with SPX stabilising back above 5K while 10Y hovers just about 4.6%. Today we have AMZN earnings and on Thursday we have AAPL which will both be important for big tech sentiment.
**CRYPTO** - It is yet again grim as we've eroded all of the weekend strength; BTC sits at 61.7K and ETH barely above 3K after the Hong Kong ETFs massively disappointed in volume. It's pretty crazy to see how long funding is at the moment with it being zero on BTC and negative on ETH which tells me there are probably a lot of shorts in the market. OI is down across the board with there being about $200m in liquidations in the last 24H. Just feels liike we are in for continued chop here which is painful and I think it's going to be a case of consolidating to core positions you are comfortable with and getting ready to ride any volatility we may see. I don't think this cycle has topped and I think we can expect a bigger rally to come, but it feels like we need to get through whatever this is for the moment. Something I've been looking a lot at in the last few days is Blast with that airdrop slated for next month. Most estimate for FDV seem to be $15-20bn which could imply like a $1-2bn airdrop depending on how it's done so I think there is potentially a big pie there and something worth looking at farming, without having to put up a lot of capital.
GL today