The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
MACRO - Equities closed the day unchanged on Friday and are opening pretty much unchanged once again today. Interest rates have rallied a touch but we're pretty much bang in the middle of the range we've seen now for the past couple of weeks with 2/5/10/30y at 416/362/353/374bps respectively. Earnings-wise we have Alphabet (Google) reporting on 25th and Meta reporting on 26th April which are usually a big sentiment drivers for tech stocks and thus crypto. Then of course next Friday we have payrolls once again which will kick off a couple of weeks of important macro data. So in terms of "boring weeks" I think we're over the worst and maybe we can see some movement this week as a result of some big tech earnings.
CRYPTO - Continues to trade very heavy tbh despite some glimpses of hope over the weekend for a rebound. We're at 27.5K on BTC and 1850 on ETH while alts seem to be losing ground to the tune of about 5-10% once again. There are many coins now on my screen such as $APE, $BLUR, $ARB, $MATIC, $MAGIC etc (so a lot of NFT-related stuff) which are down like 20-30% from their levels just a week ago. It's a pretty big move and once again a reminder of just how volatile this asset class really is and where patience and discipline are more commonly rewarded than greed and fear. The shitcoin market has also taken a bit of a hit with $PEPE back down to a market cap of $110m which is like 40% or so off its highs and a 20% move lower in the last 24H. I actually think if we do see a sustained crypto rally from here some of this stuff can really rally big...personally I wouldn't touch anything else other than $PEPE but in my head if that drops back down to like a $50m market cap I think it's interesting to roll the dice again there. Just making note of the term "roll the dice" because I view it as purely a gamble, so if you're playing in this stuff make sure you treat it like a roulette spin and only gamble with money you can afford to lose.
NFTs - Well, I think last week we had the lowest sentiment I've seen for a while and indeed as per usual it served as a local bottom (for now) as NFT prices have generally rebounded in the last 48H to the tune of about 5-10%. The big winner is Nakamigos which are up to an FP of north of 0.3 having hit close to 0.4 earlier. Curious to see where run-of-the-mill pfps go from here and if this is a true bounce or we continue to descend lower. A lot of it IMO will depend on the actions that Blur takes wrt airdrop farming and while it is something that's hotly debated I think we can all agree that we hope that if it continues, that hte mechanics change to incentivise actual collecting and less commodity trading. Elsewhere we saw a big autoglyph sale over the weekend at 155ETH which is a decent amount lower than the last print of around 250ETH, I suppose with the 3AC auction looming (starting 18th May) there may be some grails that continue to come out.
GL this week!
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