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**MACRO** - We closed a small amount lower in stocks yesterday 0.2% and 0.6% on SPX and NDQ while futures are a touch lower this morning. Interest rates seem to have stabilised around these levels now for a few days which I think is good, nice to see we didn't progress back higher after the recent rally and here's hoping that trend is starting to change ahead of rate cuts next year. We are 488/442/441/457bps on the 2/5/10/30y atm. Other than that there's not really a whole lot to report in macro and for sure tomorrow and Friday will be pretty dead.
**CRYPTO** - Yesterday we were hit by the news that CZ of Binance is resigning which sent emotional shockwaves through the entire crypto market. We saw BTC fall to as low as 35.7K and ETH to as low as 1933..but both have since bounced back to 36.5k and 1998 respectively. Honestly buying dips for the past few weeks has been an amazing trading strategy and I think that just shows the strength of crypto right now. The whole Binance stuff was one of the biggest fears/risks in the market and that bad news has now passed IMO. It does look like the SEC is also suing Kraken in a similar case to Coinbase, but I don't believe that presents additional new risk, it's just confusing to me that the SEC is willing to go on another court battle so I do think there is some concern there. Note that one of the last remaining negative catalysts is the BTC the US Govt has to sell this year and imo that might present itself as the final dip to really BTF out of. Elsewhere filings show that the SEC recently met with Grayscale and potentially other applicants wrt spot ETFs and we can assume that is ticking along in the process. All in all I think if you've been holding big spot longs you're absolutely chilling here, the trick is how to get the extra juice from the leveraged longs without getting liquidated in this choppy market and clearly that is best done from buying dips at the moment.
**NFTs** - Mixed price action really, it's noticeable that BAYC has been on the decline in the past few days falling 7% yesterday and 10% on the week, while Neo Tokyo Citizens have been the true performer up another 20% yesterday to a staggering floor of 19ETH; that collection is now up 355% in just the last month which is crazy. Elsewhere we started to see quite a few artblocks trades pushing up the floors of a few of the OG collections such as Squiggles, Ringers and Fidenzas. That market has massively lagged pfps in the past month or so but has arguably outperformed/been more stable for the best part of this year.
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GL today!