The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Well markets are mostly closed today as it's a public holiday across a lot of the world. Futures are open however and we're seeing SPX and NDQ up 0.3% and 0.4% respectively on very illiquid trading. Of course, the weekend headlines were that of the US reaching a deal to raise the debt ceiling...well...low and behold...it's the same story I've seen literally for a decade now and I'm glad I wasn't just "being complacent". Speaking to a few people who are still in the market, it sounds like this outcome was mostly expected so maybe any rally we see could be muted; although my gut says we do see some continuation still of upwards price action. It'll be interesting to see what interest rates do when they reopen on Tuesday, and of course this week we have payrolls on Friday followed by CPI + FOMC in the next couple of weeks so there's plenty to look forward to.
CRYPTO - We saw a strong bounce in majors yesterday, presumably a delayed reaction to the debt ceiling news (it happened about 24H after the news was announced) which sees BTC back up to 27.9K and ETH up to 1905. Altcoins haven't really followed in a big way which means BTC dominance remains elevated at 48.25%, up from about 47.5% for most of last week. It sounds like there were probably quite a few shorts that had built up again in crypto that ended up getting liquidated. Curious to see what happens next week but I think a strong macro rhetoric should prove somewhat fruitful for crypto even if we have lost a bit of correlation.
NFTs - About $26m trading yesterday across the market with Nakamigos being the big mover, climbing 26% to a floor price of 0.7ETH after Beeple's most recent everyday showed a faint Nakamigo tattoo on Biden's left forearm. Elsewhere price action is rather mixed with Checks losing their recent steam while Opepen seems to have held on to a floor of 0.8ETH. It's interesting to watch Punks and Apes here; a lot of farming volume but they seem to have stabilised at floor prices of 50ETH and 45ETH respectively for a long while now. Another thing to mention is that I had a couple of secondary 1/1 sales on Friday; "professional degen 4" sold for 62ETH (https://superrare.com/artwork-v2/professional-degen-4-35583) and "rekt city" sold for 29ETH (https://superrare.com/artwork-v2/rekt-city-34459). The offer on pd4 was live for about 6 months and the holders realised they could sell that, buy another 2022 vintage piece, make about 30ETH and keep the 3x monthly airdrops you get from holding a 1/1. A great trade for them, but also nice to see some secondary 1/1 action! That leaves me with one piece left for sale (the most recent 1/1) which is configured to a 20ETH reserve should any of you be bold enough https://hofa.io/auction/28
Hope everyone had a good holiday weekend - a big couple of weeks coming up!
GL