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 - Equities are mostly unchanged this morning after also closing mostly unchanged yesterday....commence yawn. What has moved aggressively though is interest rates with the curve moving something like 12-16bps higher in the past 24h which is a huge move and puts it at 487/412/383/389 across 2/5/10/30y. This comes after Jerome powell reiterated yesterday that the Fed may still have further rate hikes despite the market thinking we could be done now - he spoke at a European Central Bank conference held in Portugal. On top of that, we got data today that US GDP growth in Q1 was 2% vs expectations of 1.3% in another reminder that the economy continues to rise hot, while initial jobless claims came in at 239K vs 265k. Lots and lots of datapoints out there showing a stronger-than-expected economy which the market is interpreting will give the Fed a longer leash to raise rates if they wish.
CRYPTO - We saw crypto retreat yesterday but it looks like we're back up again this morning with BTC at 30.7k and ETH at 1872. What technical traders tell me is that if BTC breaks through 31k and holds, then we could be in for a bigger/broader crypto move to the upside. Of course, I am always skeptical of such beliefs but it's something to keep in mind given how close we are. We are also seeing a decent rebound in altcoins here too with most things up 10-15%. BTC dominance continues to hold slightly above 52% here. I'm curious to see what happens next few days as there's an off chance we can get some good momentum.
NFTs - Kind of a mixed bag across the board here - it would appear that Azuki continues its descent with the OG NFTs falling further to 8.8ETH, Elementals to 1.45ETH and Beanz to 0.6. Unrevealed Elemental Beanz seem to be holding up relatively well at 1.8ETH. Elsewhere the Yuga ecosystem seems to have found a floor and maybe even a small bounceback with HV-MTL up about 22% to an FP of 0.83ETH ahead of today's launch. All in all it feels like a lot of people sold things to mint Azuki Elementals, and then sold Azuki stuff to buy Yuga stuff again - will be interesting to see if Yuga assets can truly stabilise here; interesting to also see BAYC up 5% to an FP of 37ETH too.
REPORTS - All eyes are on Ether today. This is one of the most anticipated drops in a long time and is sure to make a big impact on the market. To get a first look into the upcoming drop on the 30th June 8am PST, make sure to read our in-depth report on degenz.finance
GL out there today!