The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - We had a benign close to equities on Friday with SPX down 0.16% and NDQ down 0.37%. Futures are back in the green this morning to the tune of about +0.3%. It's been interesting to see the volatility in interest rates and rapid change in sentiment as we hit big macro numbers..as it stands 2Y is back to 3.98% and my only guess is that there's massive positioning either side, reflecting a bifurcation in views that is causing it to move around a bunch. There's not really much to look forward to this week data wise...I suppose we have US retail sales on Tues which gives us a pulse on consumption but it tends to be a lower vol event for overall markets unless we see a big beat/miss. Other than that, it feels like we are starting to cruise into summer mode...the next FOMC will be 13-14th June and before that we should get another payrolls and CPI print to give us a more informative presser, but we're still about a month away from that so I would expect some illiquidity ahead.
CRYPTO - After struggling for a while we seem to have gotten a nice bounce today which sees BTC back up to 27.4K and ETH to 1830. Altcoins are also bouncing in sympathy with 5-7% moves across the board. I still don't really know what caused the crypto weakness in the last week but it does seem like some of that technical selling has subsided and we were able to form decent support and also kick on from there this morning. The shitcoin market has been interesting to watch with $PEPE momentarily climbing to 0.00002 over the weekend after Elon tweeted a PEPE meme, before falling back lower, while TURBO is up 5% this morning. One thing to watch out for is the shenanigans of Ben.ETH who raised almost $7m in a presale for his upcoming shitcoin "$PSYOP". That is truly a staggering amount of money (and liquidity suck) and whether you think it's a scam or not (probably is) it's going to be a massive market event and one that has to turn the heads of regulators.
NFTs - Only $24m of volume in the last 24H so we've been tracking at around 20-30m for a couple of weeks and this feels like the new normal to me. It's nice to see some floor prices rebounding and it does feel like there is some attention once again slowly starting to return to NFTs. Remember Sothebys' auction of the 3AC portfolio starts this week on 18th and that will be a big bellwether for the upper end of the market. I'd like to give our dear Rektguy a special shoutout which has been climbing the rankings and experienced a 30% increase in floor price back to 0.69ETH. We're a week out from our 1-year anniversary and I'm glad to see we're "still alive"....that's thanks to the amazing community we have so it's very much appreciated!
GL this week!
NOTE:
- DAP and DGP are being merged into one new contract, Degenz Code (artwork designed by Timpers)
- This will be via a one-for-one burn, begins now and ends 31st December
- All utility will migrate to Degenz Code after the burn, where we have some refreshed plans Please see this tweet:
https://twitter.com/DegenzNFT/status/1649084188971130881?s=20
Burn your DAP here: https://app.manifold.xyz/br/degenzcode
Burn your DGP here: https://app.manifold.xyz/br/degenzcode-dgp
Burn ends on 31st December after which utility will migrate.