The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Another weak day for equities yesterday which ended down 0.3% on SPX and 0.9% on NDQ. Futures are a tiny amount lower once again this morning. Interest rates have seen quiet a substantial selloff as 10Y is now back out to 3.66%, that's almost a 20bp move now I think in the space of a week which is the most interest rate vol we've had in a while (but not that much in the context of this year). This comes after the Central Bank of Japan made a surprise change to its monetary policy in order to tackle inflation. Although the move is not specifically a rate hike in the same fashion we've seen across Western markets, it's caused bond yields to move higher.
CRYPTO - We're seeing some outperformance and stronger price action here this morning Which puts BTC at 16.8K and ETH back above 1200. Altcoins look like they're generally up 5-6%. It's pretty amazing how narrow the ETH range has been recently. Since the beginning of November, we've stayed in between like 1100-1350 and even then most of that price action has been between 1150-1250, and that's despite some huge volatility in both directions in traditional markets. I don't really have much more wisdom to add here at this stage...feels like we are in no person's territory here. 1100 and below would be interesting to buy and certainly not anywhere close to selling levels for me (and I know I will be waiting a while) so it's just a case of sitting on hands for now.
NFTs - Trump NFT collectibles take the top volume spot but I would note that their floor price continues to dump with it now being at 0.23ETH from highs of above 0.8. Wolf Game has seen some strong volume recently, up 6% to a floor of 0.92ETH. We're going to be talking about this project today on RugRadio and it's certainly an interesting one I feel. Elsewhere it seems mostly quiet, especially across a lot of the big bluechip projects and I wonder how these guys are planning on making any money given royalty revenue streams are simply just a fraction of what they once used to be. I think there is a fuck tonne of IP across the NFT landscape but the question is how do creators effectively monetise that without directly extorting their holders. Whoever figures that out is going to crush it.
GL today!
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