The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - We saw equities move lower yesterday by 0.75% and 1.25% respectively on SPX and NDQ, and futures are fully reversing those losses this morning. We've seen a decent move lower in interest rates in the last 24H which puts the curve at 443/414/395/408bps respectively on 2/5/10/30y and notably 10Y back below 4%. Oil has been meh for the past few weeks now with a lot of volatility sapped out of it..it's certainly become less of a market focus. Today the FOMC starts its first day of meetings. Typically we don't hear from the Fed today although sometimes there can be leaked commentary. We'll get the interest rate decision tomorrow and a full press conference, the latter of which is more important IMO. So for now, for me, it's kind of just redundant price action until tomorrow.
CRYPTO - Decent bounce in the last 24H which sees BTC still around 20.5k but ETH north of 1600 once again. Altcoins I think have done well to hold onto recent gains but you have to think the next stages of price action are going to be macro led. Crypto has lost a lot of correlation to macro of late and has actually been a far less volatile asset class in the past few weeks, but I think the upcoming events over the next few days are big and meaningful enough to have an impact on crypto...I mean I think so...we'll have to wait and see. As above, what we see now and over the next few hours is just noise until tomorrow's FOMC conclusion.
NFTs - Well, Art Gobblers are talk of the town posting a whopping 7K ETH in volume since launching yesterday which is insane. It sits at a price of 14ETH from what was a free mint, and it once again shows if you have the right people backing a project at launch (Paradigm) and a unique idea there is some upside to be had. I see a lot of FUD/saltiness on the timeline...a lot of "who tf is buying this" kind of stuff. Well, there are a lot of people who are willing to pay 10+ ETH for this and you have to think it's not just random dumb money, especially with the Paradigm involvement, you have to think there is some sort of thesis and vision and probably institutional money behind it which is tough to fade, because in most cases such money is deployed after a lot of analysis, compared to XYZ salty wanna be influencer on the timeline who hadn't heard of the project until yesterday. I would recommend reading this on Paradigm's website, which was published in September (https://www.paradigm.xyz/2022/09/artgobblers) Elsewhere there's been notably strong volumes in BAYC with 636E but a floor dropping sub 70E for the first time in a while.
Finally - in case you've been following, my Rekt Cities drop launches on Nifty Gateway today at 6PM ET. All the info is on the website:
https://www.niftygateway.com/collections/rekt-cities-by-osf
GL today!