The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Unfortunately we did not get the inflation numbers we desired as headline came in at 3.1% vs 2.9% expectations. IMO it's still a good number, it's the first month inflation has fallen in a while (last month was 3.4%) and if you compare this to 2022 we're talking about significantly smaller numbers and margins of error. Despite that equities didn't love the numbers and sold off about 1.4-1.5% on both SPX and NDQ, but futures are showing a small bounce this morning. The real big mover tbh was interest rates which gapped up about 15bps across the curve; it now puts 2Y back up to 4.65 and 10Y up to 4.29%. A steaming hot economy is certainly something not to be faded and it would seem that any early dovishness we were hoping for this year will certainly be put on the bench for now. We have PPI on Friday which will be another important number to watch out for.
**CRYPTO** - Crypto sold off along with equities yesterday, once again showing the rebirth of its correlation to macro. We saw BTC fall as low as 48.5k but it's since bounced back to 49.8k with BTC dominance hovering around 53.8%. ETH at 2660 and SOL at 113. We did see leverage tick up yesterday and it feels like that candle down was just another wipeout of leverage. IMO, macro is important, but what we really need to be looking at here is BTC ETF demand (which tbf is correlated to macro). We saw a $631m net inflow yesterday which I believe is the largest net inflow day since day 1. That makes it $2bn of inflows in just 4 days, and $3.8bn of inflows since inception. These are big big numbers, and it looks like the momentum is accelerating! So I just simply think we keep going higher until inflows slow down. If they keep at it, I seriously think we could see $100k BTC in H1, possibly even Q1. BTW, in the time it took me to write this BTC just surged to 50.8K, it's almost as if someone is reading my mind lol!
**NFTs** - Pengus back above 20ETH while a few punks ales have kept that floor at around 58-59ETH. Lil Pudgys seem to be outperforming most NFTs as they climb to 2.1ETH while Doodles are up 10% to 3.5ETH. Nothing to say for me on SOl NFTs...Mad Lads up a little and have been rock solid. RSIC continues to be volatile in ordinals as they bounced 23% overnight, while Quantum Cats continue to drift, dropping 15% to 0.215 BTC.
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OK lots to do today lots going on time to get to work good luck everyone cheers!