The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A solid start to the week for equities which sees futures up 0.7% and 0.4% respectively on SPX and NDQ. We had a modestly strong finish on Friday after what was a volatile week. It's honestly amazing to see the SPX back above 4k. Interest rates continue their volatility as 2Y has climbed back out to 3.95% and 10Y back to 3.47%. I'm not really sure what we're looking for or waiting for from here on. I guess next week we will have payrolls again which will be interesting but I'm not sure how much importance the market will out on it given the Fed has been somewhat clear about their policy going forward for the next few months at least. I think in general keep an eye on bank stocks and any further developments there because if things get worse there that's what could twist the Fed's arm.
CRYPTO - Crypto was quiet over the weekend and lost a little bit of ground with currently sees ETH at 1768 and BTC at 27.9K. It's been interesting to watch the price action on ARB which is off the high of around $1.5 but seems to have settled in the 1.2-1.3 area which feels "right" to me. Elsewhere it looks like alts are shedding some steam a little bit with things looking like they are down about 2-5%. Tough to judge where we go from here and I do think we will continue to be macro driven to an extent. At one point it did feel like crypto was going to have the ability to surge further but we've had a few days of what now feels to be more stable price action as things have found their feet. Let's see what happens this week.
NFTs - We saw $64m of marketplace volumes yesterday so a slight uptick since Friday. We continue to see a tonne of volume in Punks which dropped as low as about 57ETH before ralllying back to 64ETH as Punks OTC took about 77 punks out of the market having sold them earlier. Decent trade for them. Elsewhere floors seem to have kind of stabilised and some have even risen by 3-5%; interesting to see how the two big blue chips Punks and Apes are continuing to lead the market. It feels like to me farming volumes are dropping a little bit as I look down the volume chart on Degenz. I wonder if that implies we are reaching some kind of a local bottom in NFTs here...not gonna hold my breath tho. I think keep an eye on Yuga's HV-MTL too as we get closer to the reveal there.
GL this week!
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