The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Well yesterday was yet another strong day which saw SPX clow 0.4% higher and NDQ 1% higher - impressive to see continued price rises in stocks given the moves we had last week. Futures are opening unchanged today while interest rates have had a curious rally which takes 2Y rates back to 4.69%. Today you have a bunch of banks reporting earnings which I don't think will move the needle too much, tomorrow is a big day with TSLA and NFLX as potential high vol events for tech stocks and then next week we'll start thinking about the FOMC.
CRYPTO - Continued underperformance, we once again had a day when equities rallied and crypto fell as BTC has now dipped below 30K to around 29.9K with ETH also falling as low as 1885 before climbing back a little. Altcoins are down 5-7% in sympathy although BTC dominance remains stubbornly at the 50% level which is interesting given the move lower we've had (ie we haven't seen BTC outperform a move lower, everything has moved in a parallel fashion which means there are people out there adding risk to alts). What explains crypto's underperformance here? Well it could be a few things; we know there is some concern on the US Govt's holding of BTC and those movements. There is continued Binance FUD and also some rumours that maybe Binance themselves are selling their BTC in preparation for a big fine. Of course, Gensler could always throw a spanner in the works at any time that we are not aware of too that others might have inside information on. Whilte we didn't get the breakout we wanted, it does give us a bit more time to rethink positioning and employ an appropriate DCA strategy.
NFTs - Mixed price action across NFTs with Punks unchanged, Opepen edition climbing a further 9% to a 0.82ETH floor and the Yuga complex falling further. The QQL mint pass has seen a rather curious rally, up 31% to a floor price of 8.3ETH and it makes you wonder what the reasoning is there behind that pump although it does look like it's mainly Machi sweeping a bunch. The bar really is so low for NFTs right now that it seemingly doesn't take much to get the needle moving on a lot of this stuff or garner some attention. Not much more to add here on NFTs but as a side note it's worth highlighting that Azuki continues to fall further with Elementals now down to 0.79ETH while the unrevealed elemental beans are down to 1.14ETH after a 2ETH mint.
REPORTS - One of the reports we are looking at this week is famous auction house Sotheby’s and their Web3 initiative Sotheby’s Metaverse. At the pinnacle of the fine art world, the fact that Sotheby’s have made huge strides to enter our world in they way they have is amazing. Through this report we will tell you exactly what they’ve achieved so far and what their intentions for Sotheby’s Metaverse are in the future.
GL today!