The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A softer day for equities yesterday saw SPX close 0.25% lower but NDQ down 1%, and futures continue their decline to the tune of 0-0.3%. Interest rates continued their mega rally yesterday as 2Y hit as low as 3.7% before settling to around 3.74% but indeed that is a huge huge move and the market continues to really second-guess the Fed with expectations of a pivot once again mounting given the weaker labour market data we saw this week. Just one day to go now until payrolls and honestly I'd love to see that number come in below expectations purely just to see what kind of crazy reaction the market could have.
CRYPTO - We saw a pullback which is not surprising given the move in NDQ which now puts us at 27.9K on BTC and 1875 on ETH. I still think price action on ETH has been rather impressing and it's nice to see us breaking thru YTD highs every few days and then dropping to higher lows. The trajectory and momentum feels like a medium-term trend of up now (it has been for over three months) and I personally still maintain what I said on the first day of the year; we'll see positive returns this year but it'll be choppy, and I think we'll still see BTC/ETH end the year than where we are now. Altcoins also suffered a small pullback and the story there has become more challenging but if you do indeed start to get lower interest rates in a few months I believe many will present an unreal opportunity, it's just tough to bag hold there and you never know which altcoins it will be.
NFTs - Just $51m of volumes in the last 24H as floor prices are generally lower across the board except for Nakamigos which have displayed an impressive 23% rally having had their initial drop. Elsewhere Yuga has a collab with Gucci which allows up to 3,333 Kodas to be burnt for a Gucci pendant and some update to the metadata. Looks kind of cool and interesting although personally not for me. It's also kinda dicey to see some of the fallen angel collections drop to a 2-handle in floor price as their descent continues, with CloneX, Doodles and Moonbirds now at 2.96, 2.9 and 3.28ETH respectively.
GL today!