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 - Equities had a quiet day yesterday with SPX closing 0.5% higher and NDQ closing unchanged. Interest rates have really continued an aggressive surge higher with 2Y now all the way out to 4.92%, we're actually just a few bps off the highs we saw back in March which is interesting to see given how the dynamic feels like it's changed this year. It's been a face off between the Fed and markets trying to call them out, but it would seem markets are now finally starting to believe Powell is telling the truth and being serious. This is a continuation of the move we saw yesterday and it makes you wonder whether a bit more importance is going to be placed on payrolls next Fri than I had initially anticipated.
CRYPTO - Interestingly crypto has barely moved with interest rates (ie you'd think crypto should be lower) but then stocks have barely moved either. I'm at a loss for whether this is more proof of decorrelation or a potential risk; while I'm still bullish on crypto on all timeframes here I think you can't ignore the interest rate move and current Fed dynamic and it's a risk that needs to be factored into any decision making. As it stands BTC is at 30.8K and ETH at 1890 - we did break the magical 31K once again on BTC but we were unable to hold it and since fell back lower. Altcoins are up once again too and have produced decent returns in the last handful of days, with bitcoin dominance dropping from 52% to 51.7%.
NFTs - Azuki continues to dominate headlines after a community call that was held yesterday. You can view a full summary of what was discussed here:
https://twitter.com/ArcanicNFT/status/1674609957356855296
. It seems like the reception was somewhat lukewarm with Azuki, Elementals and unrevealed beans falling back to 8.5E, 1.4E and 1.8E respectively, while Beanz took a 20% hit to drop to 0.5E. Elsewhere we saw HV-MTL drop 30% to a new low of .59E after a mixed reception to the launch of its game. I actually thought it looked pretty cool so at this point I'm wondering if it's more just bear market dynamics that are causing the price action we're seeing; the play seems to consistently be buy the rumour and sell the news. It will be a big challenge but something pretty impressive if a project can come up with a "buy the news" type event. There have been some bright spots with DeGods, FLUF World and Creepz all producing positive returns to the tune of 10-20% this last week. The former is something to watch out for with Frank starting to tease "season 3".
REPORTS - Here are the Degenz Ratings for the highly anticipated Ether mint today.
Hope everyone has a good weekend and GL today!