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 yesterday we got the inflation number which came in at 3.2% vs 3.1% expected...not the crazy goldilocks number we wanted but IMO with the US economy as strong as it is it's pretty solid to see low 3-handle inflation...it's a very good outcome. The most amazing thing, don't forget, is that interest rates are still very high and it hasn't really affected equities in a negative way, so the Fed actually has a lot of flexibility here in what they want to do. Stocks liked the numbers yesterday and ended 1-1.5% higher on both SPX and NDQ while futures start the day unchanged. We did see interest rates go higher with 10Y climbing back up to 4.16%. All in all I think we're out the woods now on volatile macro data which provides somewhat of a clean path to resume higher. I suppose we do have the FOMC in a week's time but I don't foresee anything crazy coming out of that with the economic data we've had.
**CRYPTO** - Yesterday we had the largest inflow number yet $1bn, with $800m of that coming from Blackrock's $IBIT. It takes the YTD total now to north of $11bn with $1.5bn of that coming in the first two days of this week. These are big big numbers and I simply think we keep going higher on BTC, which currently sits at 73.2k, outperforming the rest of the market. BTC dominance is up to 53.9% while ETH/BTC is down to 0.055. The funny thing is I *still* feel like most of CT is really underexposed to BTC and own alts as like the higher return trade but we haven't really seen them fully take off yet. The Total3 market cap remains 30-40% off its ATHs in 2021 while many alts are stuck in the mud. We did see some good movement yesterday on things like AVAX and INJ, while ETH L2s have struggled somewhat. My theory on alts remains the same, if we see an ETH ETF approval in May, that will pave the way for a mega alt szn. Here's hoping.
**NFTs** - BAYC has been talk of the town of late after it fell to a floor price as low as 12ETH before climbing back up to 14.5ETH. It's really been a tough one there for that collection; important to remember ETH has rallllied, but indeed there are many collections that are up in ETH terms too. TBH it's not great for the entirety of ETH NFTs which all seem to be mostly lower in terms of the bigger projects. Ordinals on the other hand have displayed a solid bounce after a recent drop with NodeMonkes back up 30% to 0.61 BTC and Puppets up 15% to 0.19 BTC. I think the fundamentals of ordinals are just a lot stronger...no farming/royalties etc it's kind of like old skool NFT collecting all over again.
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GL Today!