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 - Well stocks are definitely seeing a bit of a pullback at the moment; SPX and NDQ ended the day 1.4% and 2.2% lower yesterday while futures are once again lower this morning to the tune of about 0.3% and 0.5% respectively. Interest rates edge a touch higher but we're still at 4.91% on 2Y. The drop we saw in equities yesterday was actually the biggest one-day drop since April; a lot of commentary I am seeing online keeps referring to the USA downgrade but honestly I don't think it's that. We've had an insane run on equities and it's only natural to see pullbacks and profit taking. Tomorrow the focus will be on payrolls so maybe there is also a bit of selling as peope fear the number....we actually had ADP data yesterday which once again came well above expectations, 324k vs 189k expected and that indeed caused equities to feel soft and yields to rise.
CRYPTO - Kind of a gradual descent lower it feels like with BTC at 29.1K and ETH at 1835 retesting local lows while altcoins feel like they're drifting further and further as bitcoin dominance remains stuck at 50.2%. We are simply in no man's land in crypto right now with the positive catalysts feeling far away and the longer we have without news it feels like there are some shaky hands right now with the SEC looming. There was another article yesterday which commented that the DoJ (separate to the SEC) are considering charging Binance for fraud which would certainly be another negative headline if it transpired. So yeah...discipline and DCA are paramount as it stands but generally I feel like I'm still a buyer of risk at lower levels.
NFTs - It seems like 10-12m is the run rate at the moment for NFT volumes...this is the new normal with Blur volumes having fallen off massively. BAYC slides a little further down to 29ETH while everything else seems to have held their ground a little but yeah...very little trading at the moment. We saw another rare hoodie punk sale to the tune of 235ETH which was certainly a nice one given its 3D glasses. There was another 3D punk sale of 92ETH as well...seems to be a recurring theme of highest sales recently; a lot of them are in Punks. The floor price there has stayed relatively steady at around 48ETH..I think that number is actually up in the last 7 days.
REPORTS - We are going to do something slightly different today. Below is a screenshot from our ‘Themes and Variations’ report which we will releasing tomorrow. From the 99 year old artist Vera Molnar and with a floor of around 4ETH, this collection has a lot to talk about, so make sure to stay tuned!
Well...that's it for today...GL out there