gm
**MACRO** - Tough day for stocks yesterday which plummeted 1.6% on SPX and 2% on NDQ, while interest rates remain elevated with 10Y at 4.69%. This comes despite AMZN earnings being pretty strong...just wasn't enouguh to change current market sentiment tbh. Today is the FOMC and I'm still not really sure what Powell can say to "save markets". Thing is everything feels doom and gloom right now but that's if you're in crypto, trad markets have actually held up reasonably well and aren't far off ATHs on stocks so there isn't a strong impetus for Powell to say anything aggressive. Given the weaker than expected GDP growth print he could change tune slightly but for the most part I think it's unlikely. I would imagine it's all priced in so I'm not expecting big macro moves today unless he says something unexpected.
**CRYPTO** - Yeah it's not looking great lol! At time of writing BTC has fallen to 57.6k and ETH to 2900 while many alts are doun 10%+. It's pretty amazing but there are plenty of alts that are actually down like 20-50% on the year which is kind of brutal to see. Depending on what you've owned, you haven't necessarily done well this year even though crypto has felt like a successful asset class. It's incredible to me how well memes have held up with WIF still at a 2.3bn mkt cap, but I think weirdly those are the assets that do well as it's stubborn retail ownership and no VC dumping. It looks like there's been about $400m in liquidations in the last 24H as OI continues to drop. I think the key level we have to watch out for here is 50k, from what I understand there's potentially like $4bn of liquidations there and I think the chartists will also tell you there is nothing but air between like 42k and 50k. Whether we get there or not I'm not sure - I'm certainly still in the bull camp in the context of the next 18 months and think we just gonna have to sit here and weather this storm. If we do get back to like 40k BTC, sub 2K on ETH and 80 area on SOL I think I would put some fiat back into the maket from what I took out earlier this year....but other than that I'm mainly sitting on my hands trading wise and focusing on Blast ecosystem.
GL today