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 - Right well after rallying once again yesterday US equities finished just off the highs with futures starting the day in the red; down 0.3% and 0.9% to start on the SPX and NDQ...I suppose we had to have a pullback at some point! Worth noting that interest rates have progressed a little higher today too which now puts the curve at 485/407/381/387bps across 2/5/10/30y. It looks like initial jobless claims came in at 228k vs an expectation of 242k; while this doesn't have as much focus as payrolls, it's certainly worth considering and yet another sign of the strength of the US labour market. TSLA reported earnings yesterday which received mixed reviews and sees its stock down 4% pre market this morning. One thing of note is that it did mention that it did not sell anything from its bitcoin holdings (I guess it didn't buy any either).
CRYPTO - We are seeing a small rise in crypto this morning with BTC up to 30.2K and ETH climbing a little further back to 1916. There does seem to be continued headlines of various whales selling large amounts but thus far it is being eaten relatively well by the market. It feels like to me if anyone has anything "big" to do they'll want to do it ahead of next week's FOMC so we could see pretty strong volumes. Altcoins are actually up in line which means that BTC dominance remains at 49.9%. I'm not sure if it's due to the circles I've been frequenting in recently but it does appear that we're seeing some shitcoins garner some attention once again. The one to mention is HarryPotterObamaSonic10Inu ($BITCOIN) which has climbed form a $1m market cap to an $80m market cap in the space of about 2 weeks. As always, be very careful with shitcoins and always treat them as gambles, but it's interesting to see some capital want to continue to get involved there.
NFTs - After a tough few sessions we're seeing a small rebound in NFTs with 5-10% moves across most of the big collections while Opepen Edition is down 12% back to an FP of 0.72ETH. To me it kind of just seems like more signs that we are playing games of hot potato here with no new participants entering the space. Cryptopunks look a little soft here falling back below 50ETH to an FP of 48.69 while everything else is mostly meh. Worth noting that there have also been a few large sales from Sotheby's grails including some Fidenzas and there continues to be good demand for generative art. I expect volumes/action in NFTs to continue to be a little depressed with people moving from meta to meta but there is going to be a moment in time where NFTs will be a great buy (they might be now tbh but you'll have to wait for a while for a major rebound), I just think we need a big crypto pump first.
One of the reports we will be releasing this week is a revisit of the Web3 music platform Sound.xyz. They have recently raised over $20M in a funding round led by a16z. This is truly significant and through this report we will talk about the new developments being made on the platform and whether it is still delivering on its promises or not.
GL today!