The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A strong day for equities yesterday resulted in SPX and NDQ closing 0.6% and 1.2% higher respectively, but sadly this morning we're seeing approximately half of those gains being reversed this morning with the SPX underperforming. Interest rates continue to be rather weak and we're now up to 4.98% on 2Y, getting ever so close to that crucial and psychological 5% level. It finally feels like for the past few weeks the market and the Fed are a lot more inline wrt their views and communication, imo we would need to see another 3 months of weakening labour market data and lower inflation for the Fed to even think about starting to budge to the data we get for the rest of this year is going to be crucial. Wage inflation continues to be a concern globally with the UK reporting 7.8% wage inflation for Q2, up meaningfully more than expected. Various labour market metrics across a wide spectrum continue to be of concern.
CRYPTO - Well well well, yet another day of zero action on majors with BTC down ever so slightly to 29.4K and ETH down to 1842. If we look at some of the more "hotly" followed altcoins in the past few weeks it feels like we're seeing a general pullback there with the likes of PEPE, HPOS10 and RLD all posting 10-15% declines in the last 24H. It sounds like we're overall seeing very low volumes in majors with ETH and BTC volumes close to YTD lows and I suspect the summer swing will continue to be in full effect here...I'm mainly just praying we don't get any dodgy black swan events!
NFTs - As expected, DeGods continue their descent falling by a further 22% to a price of 4.83ETH, now down a whopping 44% on the month. Curious to see where it bottoms out; it looks like MAYC found it's floor at just below 6, Azuki just below 5 and Captainz also just below 5...suggests to me we may be there or thereabouts now but I suspect a lot of people continue to have heavy bags here and may be questioning their investments for now. Elsewhere a strong performer has been Sproto Gremlins (the pfp associated with the HPOS10 memecoin) which are up 27% to a floor price of 1.6 ETH marking a 140% rise on the week. Similarly Miladies have edged a little higher to 4.44ETH. If you hadn't guessed by now, it's extremely clear to me where the current profit meta is; it's memecoins and NFTs associated with such memecoins (Miladies, Sproto Gremlins etc). That isn't a nudge to just pile a load of capital in memecoins because of course none of this stuff has inherent value and it's a surefire way to blow yourself up if you don't know what you're doing, but if you're curious, I'd advise studying and learning about it because it's an interesting market; you can maybe even shadow trade without laying down capital until you start to get the hang of it.
REPORTS - Today we will be looking at one of the most hyped drops in a long time, DeGods Season III. It’s fair to say that a lot happened concerning this drop over the past week or so. To start with there was an art upgrade reveal, with much darker and luxury tones. Although many liked it, they did a full 180 and went instead with another more colourful, simpler design reveal called the ‘Downgrade’ (as can be seen below). The team, then released Points Parlour, essentially a loot box store to spend staked points on, with prizes ranging from water bottles to a Tesla. All in all there was a hell of a lot happening with so much anticipation, hype and the whole space looking directly at Season III. In this report we will go in-depth on everything that happened and whether it was a boom or a bust.
GL today!