The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - We had a bit of an ehh day yesterday, stocks started the day lower but managed to climb back to end the session unchanged. Futures this morning are down about 0.4% or so on both SPX and NDQ. Interest rates seems to have stabilised for now, putting the curve at 416/397/376/376bps across 2y/5y/10y/30y. Oil continues to remain elevated around the $87 area. Not much more to add here tbh, with all focus on payrolls headed into tomorrow.
CRYPTO - We continue to see good strength here with BTC reclaiming the 20K level and ETH hovering around 1350. Yet again, however, there seems to be no real vol in crypto prices which is kind of boring. I hope we see some action after tomorrow's payroll number but tbh I really wouldn't be surprised if the vol in traditional markets once again surpassed that of crypto, IDK what it is but crypto just seems stuck in the mud here. I think it's worth continuing to keep an eye on $APE, we're 25 days away from staking so still some time but I can imagine the hype/build up to it taking place from maybe 2 weeks before. The interesting thing about staking dynamics, is, yes, this is something that's absolutely telegraphed and a known quantity in the market. However, the mechanics of staking is one that creates demand for the token on initial launch, and then that supply bleeds back to the market over time.
NFTs - Cool Cats lead the charts today rising by 25% to a floor of 3.3E. This comes after the announcement of a strategic investment by Anomica brands. Certainly a big piece of news, for a project many thought was on its final legs. I've always thought the IP of Cool Cats is huge, especially as a brand, but they've clearly needed more help. Maybe this is the big opportunity. Elsewhere Mutants have seen decent volumes climbing back close to 16E, while RENGA volumes have dropped off but the floor has remained intact around 2.5E. We've had a decent period of stable crypto prices now so that is a decent argument for NFT volumes to tick up which we are kind of seeing, not to mention we've seen a handful of multi-million dollar sales recently. IMO if macro can chill out a bit into the end of the year we might see a return, but let's see.
GL today!
-OSF
Comments
No posts