The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A modest green day for equities yesterday which saw SPX and NDQ close 0.3% and 0.6% higher respectively. Interest rates are stable as the curve remains at 398/343/347/382bps respectively across 2/5/10/30y. Today we have US retail sales data but apart from that really not much to write home about or add on the macro front. Genuinely don't really have anything else to say at this moment in time!
CRYPTO - Back and forth but it appears BTC has been able to maintain above the 27K level only just, while ETH is at 1813. Altcoins are kinda meh but seem to have held the gains we saw yesterday. Something I tihnk that is still incredible is the ultrasound.money website which shows ETH currently burning 1.6% of supply a year; this number is obviously a fluid one but it really does make me think what would happen if we were in a true bull market as it's a powerful narrative. The supply change on ETH since the merge has been a reduction of 38K, which is not crazy, but it's also not nothing (and better than it being inflationary). When I think about these mechanics, it really does make me feel ultra bullish on ETH over a longer period of time and makes you wonder why you would bother holding anything else from a risk/reward perspective.
NFTs - A rare case of there being a sea of green across the NFT market amid $35m of marketplace volumes. Things look like they're generally up about 5-7% across the board which is nice to see as volumes start to tick the tiniest bit higher. With Blur farming now in the background, and ETH being a bit more stable post its recent ascent, activity does seem to be quietly returning in a more "normal" way to NFTs and there's always that little part of us that hopes that we see another run once again. One thing for sure, it is incredible how "not dead" NFTs are, and even tho stuff is down like 70-80% there are NFTs with floor prices that are still thousands of dollars and active communities, so there's def something to be said there!
GL today
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