The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - It was a modestly positive day for stocks yesterday which ended about +0.2% on both SPX and NDQ while futures are down 0.3-0.4% this morning. Interest rates are basically unch'd. TBH I don't really have anything to say or add macrowise. Next few days are kind of a wash but I would keep an eye on tech stocks for sentiment. We get payrolls again NEXT Fri (8th March) and that's when things will kick off meaningfully again.
**CRYPTO** - We are well and truly off to the fucking races. I have to say 2 years of writing this newsletter every single day it's quite nice to see some good price action which makes a welcomed change to the boredom of talking about DCAing in bear markets. Stuff is moving around fast but at time of writing BTC is sitting just above 59K with ETH at 3330; BTC continues to be the market leader here as dominance has risen back to 12m highs of 54.1% while ETH/BTC has dropped to 0.056. Yesterday we saw a $580m net inflow into BTC ETFs, that makes it over $1bn to start the week and takes total net inflows to $6.72bn, Insane numbers and it seems to keep going tbh; crazy to think what the market does from here if these numbers persist. As I've said before, if they do, I think it's likely we see $100k BTC this half of the year...it's not as far away as you may think it is now! The underperformance of SOL has been quite the case study and the rumour here is that Novogratz is looking to sell what he's acquired at a decent discount (hearing 30-40%) with there being some bidders in the mix, but would be constructed with a lockup and vesting period. That FTX estate overhang is indeed what is causing its underperformance imo but as soon as that clears I would expect SOL to have a massive catch-up vs everything else; could easily see SOL/ETH go back above 0.04 which would put $SOL at 133 at current levels of ETH. Memecoins keep vaulting with $PEPE now back above $1bn market cap while $WIF is also up 50% touching $800m today. $MOG has been another strong performed up over 50% to surpass $120m. I do think we are going to continue to see the top memes rise here, especially as all three of the aforementioned lack a Coinbase listing, among other exchanges for WIF and MOG. If this wasn't enough excitement for you tomorrow we have PORTAL and Blast mainnet launching tomorrow. Tough to judge where $PORTAL comes, on whales.market the price is up to $3.2 ($3.2bn FDV) while Coinmarketcap has it at $15 lol - my guess is it's somewhere in between that, I think $4-5 area. I think you will see it all over the timeline tomorrow which will drive it higher.
**NFTs** - ETH projects seem to be dominating the volume at the top and it's incredible to actually see most things higher once again with the ETH rally. Pudgies hold above 19ETH but we see a 12% move higher in Miladies while punks are also up 5%. NodeMonkes and Bitcoin puppets hold their gains from recent pumps although volume appears to be lower, while our beloved Rektguy posted a 34% return yesterday landing 25th place in the ETH volume charts. As before, I think there is still a preference to stay in fungible tokens here for me given liquidity, but the highest returns you will see this cycle may well come from NFTs, it turns into an exponential asset class of its own when it gets going.
Find all of our charts on Degenz.Finance and make sure to subscribe to the Mando Minutes Newsletter at mandominutes.com for even more news on the Macro, Crypto and NFT landscapes:
GL today!