The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
MACRO - Equities ended the day about 0.5-0.7% lower yesterday and are opening kind of unchanged today. Interest rates have seen a decent move lower from their recent highs and are now sitting at 411, 359, 352, 373bps across 2/5/10/30y. Macro is actually getting kind of dull to write about (having been super topical all year) and I'm at a loss for what else to add here. There's some talk of Asian tech stocks selling off due to potential US restrictions, and of course corporate earnings but we don't get to the juicy stuff until a little bit later, so for now things are kind of just meh to me. I feel like my life revolves around the first two weeks of each month when we get the big data and then it's just kind of waiting out the next two weeks of each month in boredom.
CRYPTO - The weakness in price action continues with BTC dropping to 28.2K and ETH to 1915 while alts continue a steady descent lower. I think the weakness this week has been on the back of a few big leveraged liquidations and also in line with part of the macro move too. I personally have enjoyed watching how the memecoins are faring so will commentate a bit there, with $PEPE still remarkably at .000000025 having hit 3 and 4 handles earlier this week. That still sits at a market cap of $104m which is rather astonishing but as we all know well enough by now you cannot fade the power of memes or momentum and having dabbled myself and being no longer involved I certainly have been suffering from seller's remorse. Only in crypto can you make a 2-3x return on something and feel like you didn't do a good job lmao.
NFTs - There continues to be a heaviness in the market which now sees BAYC at 48ETH, MAYC at 10ETH, Doodles at 2ETH, Moonbirds at 2.5ETH, and many many other projects down something like 20-30% over the past few weeks. The good thing is that ETH has rallied so in USD amounts it's not that brutal, but given a lot of people now just "live on ETH" it's certainly painful to watch. Personally a "buying blood" strategy has never failed for me but the trouble with NFTs is that you're really having to thread a needle to pick the right stuff that you can feel comfortable with. I think the move is to buy "sure things" on weakness, and when the market recovers you can start to make higher-beta/riskier plays. I do think the market will recover btw, I don't think NFTs are dead forever, but it can take some time and things to clear out. IMO it's wise to have some liquidity spare in case any good deals surface, but I know that's a lot lot lot easier said than done in this environment. One thing for sure though, I think people will make some big money buying the right stuff.
GL today!
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