The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
**MACRO** - Solid day for macro yday tbh. We saw equities close 0.7% higher on SPX and 1% higher on NDQ. Oil has experienced some weakness which is nice to see, dropping sub $84 while interest rates are staying well behaved with the curve currently at 508/484/487/499bps across 2/5/10/30y. Something worth noting wrt treasuries is that Bill Ackman has publicly ended his trade on being short yields; his rationale is that there appears to be too much risk in the world for yields to stay where they are. I guess that is kind of a bearish message as maybe he expects geopolitics or economies to get worse and then treasuries to rally as a result of a flight to quality. TBH, being short interest rates has been a great trade and it does beg the question if now is the best time to monetise.
**CRYPTO** - All sorts of fun and games yday as the Blackrock ETF listing was removed from the DTCC website which caused BTC to drop to almost 33K, after which it was re-added and we currently sit here with BTC at 34k. ETH has been an extreme laggard with ETH/BTC currently sitting at new lows of 0.052, while BTC dominance remains sturdy at 54.2%. Despite it's frustrating performance, I continue to think we are primed to see a big ETH jump at some point, all it takes is one headline (Blackrock applying for spot ETH ETF) and note that there are now multiple other spot ETH ETF applications out there, one of which is Grayscale's application to convert it's current ETHE futures ETF. It looks like the deadlines for those could be into H2 next year, but of course we could always see earlier approvals and I think that's the next chapter in this story that people are ignoring/not thinking about because every outsider at the moment is focused on BTC. BTC strength into an ETF approval I think is more than likely, but upon that approval I would be very surprised if you don't start to see a bigger outperformance from alts, particularly ETH.
**NFTs** - Price action across NFTs is kinda meh today with most things seemingly still feeling like they're heading lower as most market participants may feel the need to stick in ETH (or even BTC) as people chase the higher performing assets. It's been interesting to watch the underperformance of Artblocks in this recent NFT run, with the index gradually declining over time while PFPs have experienced a good month. Maybe the Flooring protocol (flooring.io) has played a part in providing renewed liquidity across some pfp projects I'm not sure. Not much more to add here NFT wise.
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GL today!