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**MACRO** - An OK day for stocks which ended 0.6% higher on SPX and 0.3% higher on NDQ, while futures are marginally higher this morning. Of course the big event will be the FOMC and we are mostly hoping for Powell to repeat a similar sentiment to that of his last speech, and for the dot plot to remain unchanged. It does feel like an inflectious point of time for markets as stocks sit precariously at ATHs amid rising interest rates after a slew of strong economic data, but my gut is that it ends up being OK and I hope clears the way for some further rally.
**CRYPTO** - We tinkered with a bounce back yesterday as bitcoin flirted with 65k, but unfortunately things saw a heavy selloff once again although we're off the lows. As it stands BTC is at 63.5K while ETH is climbing closer to 3300. Unfortunately we had the second outflow day in a row for BTC ETFs yesterday, to the tune of $326m, Not a great start to the week for ETFs and I wonder if this is the first time we've seen two consecutive days of outflows. It feels quite clear to me now that we are in a period of some sort of consolidation but I still do believe we have a lot higher to go throughout the course of this year. There were headlines yesterday of Blackrock announcing a $100m tokenised fund on Ethereum which I thought was pretty interesting. I still don't really get or know what the fund will be used for but I think it's bullish for Ethereum as it's another sign of Blackrock's support for that chain and you can bet your arse they'll be lobbying pretty hard for that ETF to go through. I still think it's 50-50 probability for May, but I do think we eventually see one and you know Larry will be doing everything in his power to make it happen. In terms of memecoins/SOL we saw a bit of weakness in the last 24H as it seems like to me tens of millions of dollars if not hundreds went into a lot of these presales with many essentially getting rugged or turning into losing trades. There seems to be a lot of talk about Base now being the next meta with XCOPY launching an open edition on it. Personally I am glad to see the back of the presale meta.
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GL Today!
The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.