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 - Man stocks just fucking love it right now; SPX closed 0.9% higher and NDQ 1.8% higher yesterday as we continue to break through new YTD highs. This puts us at up 13% and 35% YTD in the SPX and NDQ respectively which is quite the return. Even interest rates saw a small rally yesterday which puts the curve currently at 458/389/374/388bps across 2/5/10/30y. It's a big day today as we await the inflation number...IMO there is a lot of room to miss given how much of a decline is expected in the headline figure, and the other thing to note is that stocks have really been ripping into this number so how much of it is priced in? Nonetheless, it just feels like people in equities are under-risked and continue to get bought in here, it's almost like people are more scared of the number being good and stocks rallying rather than the opposite!
CRYPTO - We seem to have stabilised at these levels with BTC slowly climbing back above 26K and ETH at around 1750. Alts have had a real ugly time and there is a limited bounce with the majors. It's interesting to see BTC dominance skyrocket; I think we're not only at YTD highs but also 1Y highs currently standing at over 49%...that really is a true and real risk off move in crypto. There was a lot of focus on Cobie's tweet over the weekend remarking that we would never see ATHs in more than 10 altcoins...curious to see if he's right or not I think I'm 50/50 on that but it does make you want to be predominantly in ETH and BTC, the former of which I think people still underestimate the return profile.
NFTs - 23m of marketplace volumes while price action seems to be mostly in the red across the board. If you look at the 7-day numbers it's really not pretty, most things are down from anywhere between 5% to 30% with many recent winners bearing the wrath of market exiters. Interestingly the "blue chips" such as Punks and Apes seem to have stabilised at these levels and I wonder if some larger players have decided that these are interesting levels to start accumulating. The main thing of course this week will be to keep an eye on the Sotheby's grails auction which I believe concludes on 15th June, so on Thursday.
Degenz - Adding a 4th section here which I'll use to start highlighting our platform offerings and recent new reports on NFT projects that our analysts have been working on. Yesterday we launched Degenz Pro, you can check out Mando's tweet here to see the full suite of features that you can use:
https://twitter.com/rektmando/status/1668328398303952897?s=20
You can either get a pro subscription (1 month/6 month) or gain full unlimited access by owning a Degenz Code NFT: https://opensea.io/collection/degenzcode .
Finally, be sure to check out the new website: https://degenz.finance
GL today!