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 - I only realised later in the day that the US market was closed yesterday for MLK day. This morning it looks like futures are pointing a little lower; down about 0.3% on both SPX and NDQ. Interest rates seem to have remained relatively stable and indeed the last few weeks of price action there have been far less volatile than what we saw for most of last year. Atm the curve stands at 423/363/355/367bps across 2/5/10/30y, so still pretty inverted and I think we're not gonna see a huge change there unless data changes and Fed changes stance. The next big datapoint we're waiting for IMO is payrolls which we don't get until Friday 3rd Feb, so we still have a bit to wait there.
CRYPTO - We continue to see these momentary surges which then seem to get sold but it continues to just feel like crypto wants to break out. If for whatever reason we get a rally in legacy markets I think the upside on crypto can be pretty big and would expect some aggressive moves higher. As it stands, BTC holds above 21K and ETH is at 1561, having tried to break 1600 a couple of times but so far failed. Altcoins continue to maintain their strength across the board with SOL in particular maintaining its strength above 23. We saw some pretty strong price action in $APE yesterday which hit a high of 5.3 which quickly got sold back down. It feels like any large pump there gets sold very quickly and I'd imagine some stakers are choosing to sell into strength there.
NFTs - It appears prices continue to drift a little lower while volumes have been OK. The Memes by 6529 have taken a lot of focus recently posting 567ETH of sales yesterday with a floor of 0.36ETH currently which is impressive given the supply. That is one project that seems to have captured a piece from pretty much the who's who of crypto art and I think will continue to see success. IMO earlier editions will have more value and of course some will be more iconic than others. Other than that it feels like listings are trending higher across most NFT projects and we continue to drift lower since the recent pump. A lot of the prior liquidity on Blur seems to have died down and I guess we're all waiting for more information on the airdrop. Until then we'll have to sit on our hands, but it should be a January event.
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GL today!