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** - A benign day for equities on Friday with the impact from payrolls feeling relatively muted. The number came in at 187k vs expectations of 170k so we were a slight "beat", but last month's number was revised a decent amount lower while unemployment saw unexpected increases. We did see a "panic rally" in interest rates but they've since significantly reversed those gains with 2Y back up out to 4.88% now and 10Y at 4.18%. This week is a bit more quiet in terms of vol-inducing data, but next week on 13th Sep we get CPI once again and the week after that on 20th Sep we will hear from the Fed for the first time since July. I do think that could set the tone for the last quarter of the year and perhaps there's the slightest chance we get some hints from them as to if there are any potential rate cuts for next year; indeed we will have had a good swathe of data in between then and the last FOMC.
**CRYPTO** - A sturdy weekend sees BTC hold onto just below 26k and ETH 1640 as we managed to edge off the lows we saw on Friday. Despite this, we've fully retraced the gains we saw since the SEC/Grayscale announcement and we're somehow holding onto levels that were seen before any of the ETF headlines. My guess is that positioning within crypto right now is currently very "long" and and it's pretty easy for shorts to step in and drive price action lower as there is no incremental or marginal buyer for now (of course, the hope is that would change should ETFs get approved). BTC dominance has dropped all the way back to where it was pre Grayscale at 49.2% with alts outperforming this recent move lower. We seem to have lost correlation to macro in entirety for the last few weeks but I wonder if that changes into the end of the year.
**NFTs** - There continues to be low volumes with just another $9m trading across the market yesterday as price action is muted. The good news is most pfp collections seem to have held onto the small bounce we saw last week, the bad news is we are still down 90%+ from the highs on many and there is a rather long road to recovery. I suppose a pause in the bleeding is more than welcomed by most though. In the art world things continue to progress with Refik Anadol's Winds of Yanwama climbing another 15% to a floor price of 8.5ETH, while there was another 75ETH Fidenza sale. Most of the "iconic" ArtBlocks collections are actually mostly unchanged in the past few months representing a dramatic outperformance vs pfps, curious to see how that holds up.
**REPORTS** - This week we have 6 new reports. Starting with the artists, we have John Orion Young (aka Joy) who created the first 3D NFTs in 2018. Next is not only technically, but also visually one of the most impressive creators in the world, Refik Anadol. Recently showcased on the famous Vegas Sphere, he imbeds media arts into architecture with data and machine intelligence for the public to see. Next is the provocative collage master SlimeSunday. Finally is Yue Minjun who recently released on of the most unique PFP projects out there. The other two projects consist of Onchain Buccaneers, a very sought after alpha group, and Seedwolrd, a user-generated content gaming platform for crafting immersive experiences & enjoying others' creations.
GL this week everyone!