The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
**MACRO** - Not mch to report today as equities closed a tough lower yesterday and futures are opening about 0.5% lower this morning. Interest rates just keep selling off which is certainly something to be wary of, we're now at 518/484/482/493bps across 2/5/10/30y which is getting back close to the highs of the year. Unsurprisingly that move appears to have been correlated with the price of oil in the past 24H which is threatening to breach $89 once again. Not great from an inflationary standpoint even though recent CPI numbers have actually been OK, but I suppose the market is worried about the future.
**CRYPTO** - Crypto seems to have held onto its gains from yesterday with BTC at 28.4k and ETH at 1581, which right now makes the ETH/BTC ratio at 0.056, a new 12-month low as BTC continues to outperform in this environment. It was interesting to see Blackrock CEO Larry Fink's comments on how he believed this current move was simply a "flight to safety". IMO he's trying to cool the fires a little as they probably have more BTC to buy/want to get long ahead of any approval so don't want the price to rise too quickly...yes just pure speculation on my part and it's a tough one for them because for now BTC does indeed keep going. I would imagine any tradfi/macro fund who wants to get crypto exposure head of the ETF stuff is also going to focus solely on BTC. That for me will be the true start of the cycle, BTC first, then all the crypto-native people will look to outperform BTC by buying an underperformed ETH, and then we move into alts.
**NFTs** - NFTwise it's been rather quiet but worth noting that WoY is down another 16% to a floor price of 9.88ETH (maybe the most recent sweep was yet another local top signal), although I do think this will prove to be a strong collection over time. Volumes continue at their regular run rate but there's not really much to report here in the way of price action or activity.
Look forward to seeing everyone at the Rekt Show tonight!