The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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**MACRO** - Today we get the FOMC press conference and interest rate decision. Markets will be eagerly anticipating any change in tone from Powell's speech and answers given the recent rout of strong economic data. Equities are starting off in the red today having closed lower yesterday as well, with futures down 0.5% and 1.3% on the SPX and NDQ. Interest rates keeeeep rallying here with 10Y now all the way back down to 4.02%. Today until the end of the week we get a bunch of datapoints so it'll be interesting to see where we go after a strong finish to last year and a decent start to this year.
**CRYPTO** - For much of the day yesterday we had great strength but everything has dropped back lower today with BTC down to 42.8k, ETH down to 2325 and SOL down to 100. ETH has been the thing that has outperformed actually after reports yesterday suggesting the ETH ETF would be likely approved in May. Today is a big day for the Solana ecosystem as we await the $JUP airdrop. It looks like it's currently trading at around a $6.5bn FDV in the grey. It will have an initial circulating supply of about 1.35bn tokens. My thesis has been that this will create a tonne of liquidity in the Solana ecosystem which will see its betas rally, particularly memecoins as you have to imagine many of the airdrop recipients are memecoin traders on Jupiter itself. We will see if that thesis plays out over the next few days, my expectation is that $JUP will dominate the flows and timeline and then we see those profits spill over to other things. IMO if you don't see things higher this weekend (provided the rest of crypto isn't selling off) then maybe I'm wrong on that. Time well tell!
**NFTs** - A sea of red for ETH as most things look to be down about 5-10%. Volumes continue to be slow and steady and to me the majority just seems like farming. Solana is not much better with a few collections down as much as 25% like Froganas. CryptoUndeads also continue their descent as they sit at a floor price of 5.7 SOL, down 33% from a week ago. Ordinals look a little better as this RSIC METAPROTOCOL thing just keeps going higher and is up to a floor price now of 0.0567BTC. Elsewhere most other things are +/- 5-10%. Tomorrow we'll see the mint of Quantum Cats resume.
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Good luck today!