The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - After closing mostly unchanged yesterday, futures are having a weak open this morning with the SPX and NDQ about 0.8% and 1% lower respectively. Interest rates have given up some of their losses which now sees 2Y back to 4.16%. The weakness comes after corporate earnings get underway, with TSLA leading the move lower after Elon Musk stated the company would aim to sacrifice short-term profitability in order to gain market share. Main thing is to keep an eye on other big tech earnings, most of which come next week I believe.
CRYPTO - We saw a bit of a sell-off in crypto yesterday once again and it sounds like it's coming from liquidations...gotta love people who take levered longs after a 75-80% move (although ngl sometimes I've been tempted to do that too lol). BTC has dropped to a whopping 28.9K while ETH is back to 1970, we're once again seeing BTC underperform ETH while most other alts look like they're about 10% lower. I think we've gone through a few days of people feeling a bit too euphoric (myself included), particularly all the shitcoin stuff so this feels like a reminder and a punishment for our sins.
NFTs - Kind of meh price action across the board. I noticed Nakamigos are up 21% to an FP of 0.33ETH...didn't realise they had dropped so much actually...I don't want to class it as the "previous meta" but it does feel like the attention span has moved to $PEPE from there. Something that I think is interesting is Sotheby's officially announcing they would be leading the auction process of the 3AC liquidation process starting later in May. That's going to be a high amount of blue-chip NFTs coming to the market (mainly artblocks stuff like Ringers and Fidenzas but also Punks). I do think there are big wallets who have been waiting to buy this stuff so let's see what happens when it comes; auctioning via trad houses often fetches lower amounts as they require collectors to be KYC'd. Will be interesting but potentially another headwind for NFT price action.
GL !
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