The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A quiet end to the week saw SPX close unchanged and NDQ down 0.7% on Friday. We're having a decent recovery this morning with both SPX and NDQ fuures up 0.3% and 0.5% to start the day. Interest rates saw a bit of a sell off after last week's CPI number and those levels have maintained with 2Y still at 4.9%, while oil has stayed stable at 83. Gonna be interesting to see what happens now that most of the big data is out of the way and we enter into deep summer without hearing from the Fed until mid September. US equities sit pretty much at YTD highs and not so far off ATHs, with many tech stocks being buoyed by the AI narrative that has emerged this year. As we fast approach Q4, a lot of focus will be on trying to narrow down as we can expect a rate cut from the Fed; we know it will probably not be this year and while there are hopes for next year we're gonna need to see it come through in the data ie weaker employment and sustained low inflation. I still think CPI will be the metric to watch out for in coming months as we enter a crucial period of deciphering whether inflation has bottomed out here or if we have further to fall.
CRYPTO - Pretty boring on majors with BTC once again still at 29.5K and ETH once again still at 1850. If I look at the best performers in the last 7 days on CoinGecko, it appears that Rollbit is at the top posting a 48% return last week, followed by RUNE at 46%. It's interesting to see PEPE being third with a 23% return after it had a couple of weeks of straight down price action, I still believe that will be one to watch out for as it's pretty clear to me there's enough of a lasting community and potential momentum around meme coins for the next cycle. Optically it did feel like we had a decent performance in alts over the weekend but Bitcoin dominance still remains elevated at 50.45% which personally for me still means alts have a lot of room to rally if we get a bigger move higher in crypto. The question is when do we get a bigger move higher…
NFTs - Regular volumes to the tune of about $12m yesterday which seems to be the new norm for NFTs as it stands. Most activity continues to be in DeGods after we saw the Season III art "downgrade" yesterday which managed to gather mixed receptions. Personally for me, it's really nothing special at all vs what it was hyped up to be, but I do see many holders looking happy about the new, slightly modified art. Despite that, DeGods remains at a price of around 6.5ETH, down 25% in a week and if I had to guess I would guess that it trends lower from here akin to other projects with disappointing reveals/releases this year. Elsewhere Miladies continue to edge higher claiming a floor of 4.4ETH while MAYC and BAYC are proving their support areas at current floors of 6E and 29E respectively. No big sales over the weekend it seems like so let's see what this week brings.
REPORTS - This week we have 6 new reports. From the artists we have a legend of the generative world Casey Reas and up and coming star in the AI world Richrad Nadler. Looking at some well established projects that are making some big changes we have DeGods who have released their Season III drop; Doodles who have recently collaborated with Crocs and Coinbase with their BASE L2 chain. Finally, a brand new project with real world utility, Making Coffee who are working directly with El Salvador government to combine blockchain and coffee in a whole new way.
GL!