The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - It was nice to see stocks actually end the day higher once again yesterday with a 0.4% and 0.6% increase respectively in SPX and NDQ. Think that's kind of a small win to see recent gains hold. It makes August just a 1.5% decline for SPX and 2.4% for NDQ rounding off what felt like a bad month, but actually ended up clawing back some gains. Interest rates continue to be in a bit of freefall here with 2Y now dropping to 4.85% and 10Y at 4.1% and it's pretty interesting to see which way the wind is blowing now ahead of tomorrow's payroll number which I think is going to set the tone for the next couple of weeks until we get to CPI.
**CRYPTO** - Unsurprisingly it appears majors have drifted a little with BTC down to 27.2K and ETH down to 1704. All eyes rn are on the SEC to see what their response will be to the Grayscale case and if they will choose to appeal or not. They're in a tough spot IMO and don't forget we'll have SEC vs Coinbase coming up over the next few months as well. According to Bloomberg ETF analysts, the odds of a spot Bitcoin ETF approval by the end of this year is 75%, and the end of 2024 is 95%. So it feels like it's something that should happen now, it's just a question of timing and a question of whether it's gonna be buy the rumour sell the news or if we see a prolonged rally. IMO having spot Bitcoin ETFs and the likes of Blackrock and Fidelity involved are massive major positives for crypto but maybe they are longer term effects that would take place IDK. Either way I can't help but think crypto has a very positive pipeline in terms of newsflow and we just need this technical selling to subside or be over.
**NFTs** - It continues to look rosy for NFTs with BAYC now up to a floor price of 28.3ETH having looked like i was going to dip below 20. MAYC, Captainz and others have posted decent returns and it looks like most things are actually now up about 15-20% in the last week. Have we seen the bottom for NFTs? Well I'm not sure yet but this price action is certainly promising. I still do believe when we get the big initial crypto pump people will still feel like they want to sell NFTs for ETH, and it will be the move after that which will kickstart the next NFT run which I do genuinely believe will happen. Elsewhere something that I thought was interesting is SuperRare's launch of curation staking for $RARE which allows you to stake the token on any artist or collector within the platform. Pretty cool and worth checking out.
GL today!