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 - Tough day yesterday saw SPX and NDQ call 0.8-1% but futures have clawed back some of those losses this morning. Interest rates have barely budged with 2Y stabilising at 4.94%. Worth noting we've seen the tiniest bit of oil price weakness this week which now sees crude back down to $80.4. We had initial jobless claims data today which came in at 239k vs 240 expected, so right on the money and this will not move markets much either way. Other than that there's really not much to add today on macro as the quiet end to the summer continues.
CRYPTO - To repeat yesterday's beginning, the good news is that crypto is finally moving, but the bad news is it's moving lower with both BTC and ETH falling below psychological levels of 29k and 1.8k respectively (28.5 and 1790 is where we are at time of writing). I'm not sure what's caused this move lower; maybe it's tired longs who were hoping for a more immediate move higher in crypto with stocks close to ATHs and a plethora of positive catalysts...that's kind of my only explanation really. I think this is about the 4th or 5th time in the last few weeks where things looked rosy and that we were finally going to break out, only for that rally to once again get sold down and it's certainly getting very frustrating now. I think those with a short time horizon or low conviction are probably throwing in the towel here, but for those of us who are in it for longer and much more, it continues to be a frustrating period of holding and waiting.
NFTs - $14m of volumes yesterday as activity picked up slightly. DeGods had their first day of price stability actually gaining 2% in the last 24H to sit at a 4.34ETH floor. This puts it in the same ballpark as MAYC, Milady, Pudgies, Azuki, Captainz etc and my guess is maybe it has the ability to sit around here. In terms of vibes/sentiment, I still feel like Milady and Pudgies are leading of that back and thus my personal believe is it can fall below those two, but I don't think it will be by a meaningful amount. Doesn't look like there were any large sales of note in the last 24H...and that wraps it up tbh.
REPORTS - Today we look at Casey Reas, a man with a number of accolades in art, programming and academia. As the co-founder of Processing, a tool which thousands of artists around the world use every day to generate incredible art, he is not only a legend, but what many would consider a godfather of the generative art scene. It is no surprise therefore that Casey has had quite the success in the NFT space, releasing a number of very successful generative collection with ArtBlocks and Bright Moments. Casey’s latest project ‘923 Empty Rooms’ is a worldwide exhibition in the cities of Tokyo, Berlin, London, New York, CDMX and Los Angeles. In this report we will explore all of Casey’s wonderful creations and his impact on the space as a whole.
GL today!