The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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MACRO - We had yet another strong finish to equities on Friday with the SPX and NDQ both closing 1% and 1.9% higher respectively. Futures are opening marginally lower this morning while interest rates continue to remain fairly stable at 489/420/398/403 bps across 2/5/10/30y. Once again, it would seem that macro appears to be incredibly strong and thriving but we'll see how/if that changes with payrolls this Friday. At the moment the early consensus number looks like it's 184k which is lower than last month's 209k - if we hit that I think it would be positive, and then of course we look forward to CPI on 10th August...I don't see a consensus for that number yet but given last month's whopping 3% it will be interesting to see how we fare there.
CRYPTO - All-round just meh price action on majors with BTC holding 29.4K and ETH 1865. I do believe if we see a good payrolls and CPI number macro could take another leg higher to new ATHs and it's really tough to see crypto to continue to underperform by such a large magnitude, so maybe some catalysts to hope for in the next couple of weeks. One thing I'd like to highlight is that there continues to be a lot of shenanigans in the shitcoin world with Coinbase's L2 "Base" being open for development purposes and people launching shitcoins there. One token of note is BALD which rallied like 40,000% or something over the weekend from launch meaning a handful of people who put in less than $1k ended up with 7 figures. It's not the first time this year we've heard such a story in the shitcoin world and I've seen a lot of CT compare the current environment to December 2020 (which also kind of lines up with the BTC halving). The surge of telegram bots to make this trading easier is also pretty interesting and I think worth noting. As always, if you play in the shitcoin market please remember it's no different to gambling in a casino.
NFTs - Not much to note in the way of NFTs other than BAYC has dropped below 30ETH for the first time in a while marking a 14% decline in the last month or so. In terms of large sales we saw another Autoglyph sale at 199ETH which momentarily moved the floor up to 500ETH but it looks like another has been listed at 190ETH on Blur. Elsewhere price action is meh and volumes are meh as we continue a tough road for pfps, but a road that I think will get better over time. We just need crypto to rally, we need people to feel rich again, and then we will see the spend-to-flex wealth effect come into play. It just might take a little time.
REPORTS - Last week we hit the milestone of over 400 Degenz Reports. We aren’t stopping there however, oh no! This week we have 8 new reports, covering a wide range of topics. For the artists we have generative superstars ‘Casey Reas’ and ‘Vera Molnár’. For our newest projects we have the adorable ‘Grapes’ and misfits of ‘Solana Monke Business’. For the long time veterans we have ‘Renga’ with their new collaboration with F1 team Haas, and the media powerhouse ‘NFTNOW’. Last but not least, for the projects not on Ethereum, we have ‘Plutomisfits’ and ‘Weebox’.
GL this week!