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** - Another meh days for equities as SPX closed 0.2% higher and NDQ 0.2% lower. Stocks are unch'd this morning. Honestly I'm truly surprised the lack of action in stocks hasn't caused people to get more involved in crypto, but I suppose it's still early in the year and these things take time. Interest rates haven't moved much with 10Y at 4.13%, I guess we've moved a little lower off recent highs. The market continues to second-guess the Fed here despite conceding there won't be any rate cuts next month. Powell reiterated over the weekend that the Fed expected three rate cuts this year but the market still seems to be pricing in five cuts. IMO there may be some belief that we see more aggression on that front given the election this year, we'll see how that plays out in due course.
**CRYPTO** - We are truly rangebound at the moment with BTC holding in at 43k and ETH actually performing pretty well climbing to 2365. We did see SOL pump to around 98 yesterday after it came back online but it now sits at 95; encouraging to see that the price action was not too swayed by yesterday's outage. Worth noting that SOL/ETH has been falling back to 0.04 while ETH/BTC has risen back to 0.055 highlighting ETH's outperformance in the past couple of sessions. It feels like to me as we get closer to May we could see some sustained strength for ETH. My believe is that SOL will still outperform ETH from here in this cycle if nothing more than just beta, but I would expect ETH/BTC to continue to trend higher. In general it kind of feels like we've stabilised here and are rangebound but my hope is that we start to see some steady appreciation into May once again.
**NFTs** - On ETH it looks like most things are in the red but we continue to see Pandora rise, now up to a floor price of 5.2ETH as with it being the first of its kind as a new NFT standard (ERC-404). The floor price here is now up 500% in the past week. Solana - things look pretty mixed...I do see a lot of red on my screen but it seems to be on projects I've mostly never heard of trading at very low floor prices; eg something called Teddies which is down 52% to a floor price of 0.89 SOL. In ordinals we finally saw Quantum Cats mint out with the floor price up 3x from mint to 0.33 BTC. As you can expect it's been dominating volumes and we're seeing the entire ordinals space climb on the back of it.
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GL today!