The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm from NYC
MACRO - A lukewarm start to equities today which are practically unchanged ahead of tomorrow's big CPI number. Interest rates are steady with the curve at 402/354/344/364bps across 2/5/10/30y. Expectations are 5.2% and that's vs last month's 6%. I haven't dug deep into the numbers but given the expectation for core is to be flat, I'm assuming there's some expectations of shelter coming down a lot now (which typically has a lagged effect to other CPI components). Don't have much more to add here other than there's kind of a "calm before the storm" vibe here - whenever I see expectations of a big drop vs last month I feel like there is room to disappoint.
CRYPTO - Well it was rather remarkable to see BTC break through 30K yesterday and it's even more impressive to see it hold onto that level this morning. ETH is up to 1915 but certainly lagging the move, strength seems to be getting sold there and I'm guessing that's ahead of tomorrow's staking supply unlock. I'm not a short-term trader but NGL it's kind of tempting to go long ETH here as I think tomorrow ends up being a positive event for it. The ETH/BTC ratio is back down to 0.063 and is once again testing 1Y lows so will be interesting to see what happens there. Elsewhere alts are rallying in sympathy but are certainly underperforming as BTC leads the charge.
NFTs - Yesterday was a strong volume day which saw about $70m trade in the market. Price action looks kind of meh with generally small moves across the space. It appears the topical Nakamigos failed to break through its recent high and prices have receded about 10% back to a 0.69 FP. There's a tonne of volume going through in Wrapped Punks rn with a whopping 180 sales yesterday which is quite insane when you think about it, it's magnitudes above recent Punk volumes, and the floor sits there currently at 65ETH. Personally I feel like the NFT market is lacking a bit of inspiration and zest at the moment and that feeling is all too familiar - but regardless - there is something that keeps all of us here..whether it's hope or delusion I'm not really sure. I think the answer is that we are all just too degenerate.
GL today!
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