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 - A soft close for equities yesterday saw SPX and NDQ drop 0.6% and 0.2% respectively, but futuers are once again int he green this morning to the tune of 0.3% and 0.6%, so NDQ interestingly outperforming. Interest rates really have had the volatility sapped out of them and haven't done much, and I think that's because there seems to be more clarity as to what the Fed's gameplan is here and markets are now more seemingly in line with the Fed having had a big stand off for a lot of the year. It feels like we are going to be entering a period of crabbing for the next few days until we get payrolls, but even then, I don't think that'll have a big impact and CPI will be more important which is 2 weeks away. On the whole it feels like to me we could be in for a meh summer but a nice positive grind higher would be nice.
CRYPTO - Yesterday's mini pump did indeed get sold and BTC is back down to 29.2K and ETH staying study at 1862. momentary euphoria in altcoins also subsided and many are now back down to the levels they were pre FOMC. Interestingly BTC dominance has fallen even further although by not a huge magnitude, but we curently sit at 49.7%. Like macro, it just feels like we are in for a frustrating period of crabbing for now which is fine...we had a look at a potential rally through the mystical 31K BTC level and it didn't happen but I think it's a fairly good result to be where we are and if you zoom out crypto has done very well this year and there are still multiple positive catalysts in coming months, I think we are just going to have to be a bit more patient and back to applying discipline for DCAing. For me that's adding some favourite alts but things aren't as low as they were two days ago so sitting on my hands for now unless we hit new local lows.
NFTs - Some continuation of green on the screen which is nice with BAYC, Azuki, MAYC, DeGods and Milady topping hte volume charts and staying sturdy at current prices. We yet again saw another surge in the QQL mint pass which is up 17% to a FP of 9ETH with a decent amount of volume going through there once again. No meaningful large sales to report other than a 75ETH BAYC sale and a 52ETH BAYC sale which is the first time I've seen some rarer apes sell in a good few days and possibly weeks. Something worth noting is Vera Molnar's Themse & Varaitions drop which has preformed incredibly well from a mint of 1ETH to now a floor price of 6ETH which is rather impressive. Yet again art (and in particular gen art) continues to perform very well. Think that's about it for this week - have a good weekend and touch grass.
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GL today!