The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Futures are once again in the red this morning with SPX and NDQ both down about 0.4%. Yesterday markets were actually closed for Juneteeth, I forgot that was a federal holiday (I think within the last 2-3 years or so). So interest rates also haven't moved as things were shut yesterday and sadly I don't have much more to add because no one really cares that much about European markets lol!
CRYPTO - Pretty interesting to see BTC continue its ascent while everything else gets left behind. We're at 26.9K now on BTC while ETH has lagged around 1732 and alts have barely budged. This takes the BTC dominance to above 50% for the first time in 12 months. For context, last time BTC was at this level ETH was at around 1830. The ETH/BTC ratio currnetly sits at 0.064 which is pretty much at YTD lows. We've typically seen the ratio bounce from this level and climb back towards 0.07 so I'm curious to see what happens next few days...feels like ETH should be due a catch up.
NFTs - The Yuga ecosystem continues to drift lower with a high about of leverage in that complex causing a lot of concern. BAYC is down to a floor of 40.5ETH ahilw MAYC is down to a floor of 8ETH. The rest of the complex has also been suffering although interestingly we saw a decent bounce of $APE off the lows but my guess is that there is probably quite a large short base there which is causing that. Once again it does feel like we are on the precipice of breaking out lower in the Yuga ecosystem in what would simply just be further pain for the pfp market in a year where things have had a tough time.
Gl today!
Comments
No posts