The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A tasty day yesterday in traditional markets which saw SPX and NDQ climb 1.4% and 1.9% respectively. I'm gonna keep saying it, "no news is good news" and once again we see futures up about 0.5% on both indices. It takes SPX to a level of 4080 which is now back up to 5% YTD and just 12% lower now on an LTM basis. I have my eye on interest rates and we do indeed continue to rise higher, with the curve now at 415/372/359/378bps on 2/5/10/30y respectively. I suppose the logic here is that if there are indeed no more banking/contagion issues then the Fed has less pressure to pivot. Will be interesting to see how that narrative stands next Friday for payrolls.
CRYPTO - We seem to have held the majority of the gains we saw yesterday although we're a touch off the highs, so BTC is at 28.6K and ETH holding above that nice psychological level of 1800. Alts are a bit mixed and it does seem like a few things are a bit lower on my screen. One thing that stands out is Arbitrum which is up almost 15% or so to a price of 1.37, certainly interesting to see that perform well with such a high diluted market cap, but the current supply outstanding is very low so it does not surprise me.
NFTs - Another day of low marketplace volumes ($54m total) which IMo goes to show that people are not chasing Blur airdrop farming for the second round. Notably it does also look like Blur's market share has dropped, but at 59% it still has a large amount of ground over OpenSea. The Yuga ecosystem continues to be active as speculation rises around both HV MTL (some teasers of imagery there yesterday) and aslo Otherside. Nakamigos has dropped 20% overnight with the floor nos back to 0.29ETH. Elsewhere we did see another jump in Opepen Edition and also VV Checks after there seemed to be some speculation of a further morph in imagery after Jack Butcher changed the OS description to "this may or may not be hand drawn". Away from that it's kind of been quiet but it does feel like NFTs have found another local bottom (personally I think because there seems to be less farming activity).
GL today!
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