The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone from a highly hungover version of myself
MACRO - A mixed day for equities yesterday saw SPX close lower and NDQ higher, but today both futures are in the green to the tune of about 0.6% and 0.9% respectively. Interest rates remain stable here with 2Y still anchored at 3.97% as we approach closer to the FOMC. We saw strong results from Microsoft and Alphabet this week which have helped prop sentiment and boosted tech stocks. Not a tonne more to add here but indeed we inch another day closer to what will be a big week next week.
CRYPTO - Well, we saw a bit of a flash crash yday with BTC and ETH falling thru 27.5K and 1800 after Arkham put out an erroneous alert suggesting there was activity in the government crypto wallet, which they later rescinded. It's pretty wild and scary how much of an immediate price impact something like that can happen. We've since recovered all the way back to about 29K and 1885, so still some way off local highs. Altcoins took a sizeable hit and have yet to fully recover as well. From here on I wonder if we start to regain some correlation to macro.
NFTs - Another day of low NFT volumes, just 33M yesterday and the Blur market share remains lower at 47%. It really does feel like the farming there is coming to a halt and I think most will be happy about that, it's just a question of whether they choose to continue to sustain rewards. Price action is once again pretty quiet with no big moves either way other than Milady which rose yet another 7% to a fp of 2.84ETH which is rather astonishing and also impressive to see. I suppose one of the larger purchases that happened yesterday was my purchase of one of Sam Spratt's Skulls of Luci which I think has the potential to be a super interest project with cool art. I've been speaking to a lot of whales about NFTs here at Consensus in Austin and there is some sort of moderate consensus that there's a good chance of a rebound and maybe a low-key NFT summer - a big driver of that thought is the clearing of the Sotheby's/3AC auction. Not sure where I stand other than I do think that auction will mark a bottom, I'm just not entirely sure we get a massive V-shaped recovery.
GL today!
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