The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
**MACRO** - Yeah so interest rates basically started to lose the plot yesterday but we're meaningfully off the highs with 2Y back into 5.1% having hit 5.2% and 10Y back in to 4.75% having hit 4.85%. We had some less mainstream labour market data come in ahead of expectations yesterday which probably fuelled the move. Note that we have Services PMI today which is not the most volatile but worth being aware in case it comes in ahead once again. I suppose all these little data points build a bigger picture so they are all relevant. Stocks had a bit of a bloodbath yesterday falling by 1.4% and 1.8% as a result of this volatility, but have recovered a very modest amount this morning. Oil has stayed subdued, currently just about $87.
**CRYPTO** - It would appear the macro volatility did weigh a bit on crypto but as it stands we are at 27.6K on BTC and 1650 on ETH. Something that seems to be doing the rounds headlinewise atm is the fact that trading volume for all the ETH ETFs was just $6.6m on Monday, which is minuscule compared to the $1bn of volumes the first BTC futures ETF got on its first day of trading, granted that was back in October 2021 pretty much at the height of the bull market. So yeah, the ETH futures ETF thing has certainly been a bit of an anti-climax and while I think BTC spot ETF approvals will certainly be positive, it's not unfair to ask the question about "what's next" after it happens and if those could potentially also be sell-the-news events. Elsewhere in the altcoin world we saw MATIC outperform after news came out of Google Cloud becoming a node validator on the Polygon network. MATIC has definitely been a weak performer this year and with the uprising of L2s it feels like it's been on on the backburner a bit.
**NFTs** - Another quiet day for pfps which have barely budged on very little volumes. Pudgy Penguins have bounced back from their recent dip with a vengeance climbing 10% to a FP of 5.3ETH. Matt Kane's RarePass drop was certainly talk of the town yesterday after his artwork seemed to be a rather not-so-subtle jab at SuperRare and/or the current state of the market. I would highly recommend listening to yesterday's SR space if you didn't because it's definitely an interesting one with lots of different perspectives on the state of the market and SR itself. Interestingly, Matt Kane's drop (which some have branded as a low-effort ai generation) is trading in the 3ETH range. IMO any art that gets people talking is good art and while some can criticise the "effort" I think the concept is rather striking.
Also make sure to subscribe to the Mando Minutes newsletter for even more daily news mandominutes.com
GL today!