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 - Well we had a bit of a late-day selloff in equities yesterday having started the day strong, with SPX and NDQ both ending the day 0.8 and 0.5% lower respectively. Futures are opening unchanged this morning. Interest yields continue to make new highs, we're now at 461/445/425/426bps across 2s/5s/10s/30s. That's a pretty substantial move, particularly in 10Y which has moved a whopping 30bps higher in the space of just 5 days. Kind of crazy to see rates running so aggressively with stocks (and crypto) not batting much of an eyelid. As earnings szn continues, TSLA equity closed 7% lower yesterday after an earnings miss. The theme across most of the earnings continues to be commentary around inflation worries. Elsewhere in the UK Liz Truss "finally" stepped down as PM after being in charge for just 44 days. This means the UK will now see it's 5th Prime Minister in just 6 years lol. I'm not sure how much this affects global markets but certainly there's going to be a lot of eyes on renewed policy.
CRYPTO - We saw a little bit of weakness overnight which has caused BTC to retreat back to 19K and ETH back to 1285. Kind of makes sense given the move in the move in rates, I suppose I would have expected a bigger move lower in crypto over the last week yet it hasn't really happened. The altcoin market has been particularly weak and we saw some pretty big underperformance there over a wide range of coins in the past few weeks. Nothing more to add here other than I'm erring on the side of caution given recent macro price action in interest rates.
NFTs - There continues to be strong volumes in BAYC with another 5 sales totalling 417E keeping the floor at 76E. Remember I mentioned Dodoor NFT yesterday? Well turns out that it was an artificially inflated scam pump:
the floor dropped from >2E to 0.25E in the space of just 24H. I suppose it's a reminder to be extra cautious of projects with immediately inflated volumes. 2nd on today's volume list is a project called Nyolings which kinda looks like a 3D version of Doodles to me. Curious to see if t his one lasts it's recent pump but the numbers (16.4% of the collection listed and an increase in listings of +147 in the last 24H) don't seem to suggest so IMO. Other than that not a tonne to write home about. We did see continued momentum in rektguy which resulted in the floor breaching above 0.5 for the first time in about 3 months which is always nice to see.
As a reminder we're hosting The Rekt Show London on 3rd November - free drinks all night - there are still a few tickets left so remember to claim if you haven't already: https://tokenproof.xyz/events/rektshowlondon Have a great weekend everyone!