The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Right so PMI was the number yesterday we were talking about which actually came un unexpectedly materially higher than consensus; 49 vs 47.7. Another confusing datapoint which shows economic strength and as a result we saw interest rates blow back out with 2Y back to 5.12% and 10Y hitting new YTD highs of 4.7%. I think this is a testament to how important economic data is rn in this paradigm, as I mentioned yesterday. I'm expecting to continue to see a lot of IR vol and possibly subsequent equity vol, although stocks ended in the green yday and are unchanged today. Oil has been selling off which is good to see and we are back down to $89/barrel now. Payrolls on Fri is gonna be interesting.
**CRYPTO** - Well it would seem that Uptober is already Octover with BTC and ETH retreating back to 27.5K and 1660 with alts following suit. The ETH/BTC ratio has given way a bit again and has dropped back down to 0.06 (so BTC outperforming ETH again last few sessions), while Bitcoin dominance has staged a rather dramatic ascent back up to 50.4%. Certainly interesting moves. Yesterday we saw ETH futures ETFs officially launch and I suppose it did end up being a sell the news event after-all lol, but I do think the night is still young in terms of this whole ETF process. Was interesting to see comments from former SEC Chair Jay Clayton who believes it's highly likely that spot Bitcoin ETFs will be approved.
**NFTs & Misc** - PFP price action is kind of meh, With most things holding onto their gains from yesterday but not really seeing much volume in either direction. We saw the reveal of FewoWorld Fewos yesterday which resulted in the FP dropping by about 40% to 0.08ETH, but this is pretty normal price action for pre/post reveal dynamics. In the art world it appears Matt Kane has minted his RarePass drop titled "Contractual Obligations" and I think it's certainly an interesting drop if you want a few chuckles in the morning. In the land of FT we continue to see TVL grow to new ATHs rising to north of $52m with the platform now boasting over 300k users and having generated 10k ETH in trading fees.
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GL today!