The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Stocks were strong yesterday closing 0.8% and 1% higher respectively on SPX and NDQ. Interest rates continue to drift lower ahead of the FOMC with 10Y now down to 4.06%...interesting price action that, maybe some people taking off shorts ahead of it despite all the data we've had. It feels like there'll be increasing political pressure for the Fed to keep rates low and we saw some of that yesterday. In any case, we just have one more day to wait now until the fireworks kick off later this week.
**CRYPTO** - Bitcoin is looking extremely strong as it climbs to 43.5K after GBTC outflows continue to head in the right direction. It is worth mentioning that the inflows from new ETFs are still struggling to keep up but nonetheless it's been taken positively by the market. ETH is once again fully stuck in the mud with ETH/BTD at 0.053 while SOL is on a rampage climbing to as high as 105 this morning with SOL/ETH now up to 0.046. You heard my view yesterday on SOL and I continue to be bullish there. I've long thought ETH will catch up to BTC and I think it still does but the thing is, people used to buy ETH to chase BTC beta and now it feels like they are buying SOL. We'll see what happens this week post JUP etc but it feels like to me SOL can keep going.
**NFTs** - ETH NFTs are a bit meh with Pudgy ecosystem bouncing while everything else seems to have bled. On Solana things continue to drift lower as well, all apart from Mad Lads which seem to be the slowly ascending stablecoin of that space. In Ordinals there was a lot of focus yesterday on Udi's Quantum Cats for which the mint was delayed by a day due to some technical issues. It feels like that project, a 0.1 BTC mint, had sucked out some liquidity in the ordinals space but we are seeing a bounce back today with the top 5 volume makers all up 5-10%, with RSIC up a whopping 42%.
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GL today!