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 - Buckle up coz it's about to get very boring for a few weeks now. Interestingly, equities gave up most of their gains post CPI yesterday to close the day pretty much unchanged, and futures are pointing lower this morning to the tune of 0.17% and 0..28% on SPX and NDQ. Interest rates also gave back some of their gains with 2Y back up to 4.81%. Basically, we kinda just had a mundane CPI print and it doesn't really push us in either direction with great magnitude, although I still think it was a moderately good number. We actually do get PPI today which is predicted to come in at 0.7% compaed to last month's 0.1%, but I'm not expecting a lot of vol on the back of that and I think we are about to be in for a rather quiet August summer period until things kick off again in September.
CRYPTO - Also pretty boring tbh, BTC at 29.4K and ETH at 1850 so we're barely moving there. BTC dominance also sturdy at 50.45%. RLB has been one of the strongest performers this week and we've seen it kick on to even higher levels to new ATHs climbing another 10% to a market cap of $638m. There's also been plenty of action and movement in various ERC20s whether it be memecoins or telegram bots etc...it feels like that activity is going to persist. What I would personally compare it to is NFT activity vs ETH volatility (back when NFTs were active lol). When ETH was stable, we'd see a tonne of NFT trading but when it rallied (or dropped meaningfull) activity would seize -- I think it's fair to draw a similar comparison to the shitcoin market. Another way to express it is that when ETH is moving people get bored and need more things to gamble on.
NFTs - Well the thing that everyone is talking about I guess rn is DeGods which crashed a further 10% to a floor price of 6.44ETH meaning it's now down 22% on the week. This comes after a lukewarm reception to Season III and a whale dumping 100 DeGods and about 200ETH worth of their native token, $DUST. On the flipside, a recent winner has been Sproto Gremlins which are up 49% in the last 24H and a whopping 300% in the last 30 days - this is the PFP that's connected to HarryPotterSonicInu10 ($BITCOIN) which hit ATHs this week and I can only assume the two are connected. I think it kind of explains the Milady price action too; my observation is that all the best-performing shitcoins have a strong Milady arc to them and I do think there is a lot of connectivity between the two markets.
REPORTS - Today we will be releasing our new reports for the week. As a quick reminder we have Professor Jun, TJO, Proof Grails Season IV, CryptoDickButts revisited, Wreck League and finally, Pluto Misfits. However, what we have coming out tonight is much more fun. Are you ready Degen?
GL today and touch some grass this weekend!