The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Not the greatest performance yesterday as SPX closed 0.4% lower and NDQ unchanged, although worth noting we did close off the lows. Futures are back lower this morning however, down about 0.5-0.6%. Keep an eye on interest rates here...they are drifting higher every day with 10Y now at 4.06%. Today we saw UK inflation unexpectedly go higher to 4% for the month of December, which corroborates the data we saw in the US. It's just one month of data, December, but so far it's headed in the wrong direction and I think that is reasonable cause for concern that the Fed may have its work more cut out than the market thinks it does. We'll see what they say at the FOMC but I think this is the biggest worry to risk assets at the moment.
**CRYPTO** - Things have been holding in pretty well with BTC climbing above 43K yesterday before retreating to 42.8k and ETH around 2550. ETH/BTC looks like it's going to go above 0.06 once again today, while SOL/ETH has also climbed to 0.039. IMO we're at a point where it feels like now that BTC has found some stability for a few days, alts can continue to rally. This is like the sweet spot for alts, steady and constructive BTC price action, so people look towards other coins to chase beta. ETH I think continues to trade strong technically, but we may be angling for a bigger alt move in the likes of other L1s and possibly memecoins if BTC can continue to hold this price action. ETF flows have been very strong, but I feel like the market is turning a blind eye to that and moving on from that story. For me, strong ETF flows are good, but we would need like mega unexpectedly high inflows and volumes for people to want to pile into BTC again over alts.
**NFTs** - Nothing much to write about in ETH NFTs which mostly seem to have drifted a little lower post their pump yesterday. The biggest talk on Solana is CryptoUndeads, a highly anticipated and hyped mint which currently sits at a floor price of 13 SOL, about 23% off yesterday's highs. There seems to be a bit of FUD around the project given the hype that was built and the lack of clarity on when the reveal will be, but it's certainly one to keep tabs on at the moment. Ordinals seem kind of stationary with the hot potato between NodeMonkes and Bitcoin Puppets continuing as the former is down 8% and the latter up about 14%.
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GL today!