The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Markets were closed yesterday for President's day so not much to write here. Futures are opening a little bit weaker to kick off the week, down by about 0.7-0.8%. Interest rates have once again edged higher which puts 10Y back to 3.88% back to the highs of the year.
CRYPTO - Strong price action yesterday but we've since dipped this morning in line with futures. BTC back down to 24.6K and ETH down to 1670. Altcoins are down about 7-15% across the board which is once again a testament to the volatility we're seeing this year and I'm sure many are getting rekt trying to trade things short term, especially those with leverage. $BLUR is a struggled today which is down about 15% but personally I think it's still rather remarkable that it's held above the 1 level for this long.
NFTs - Similar story tbh with $BLUR farming dominating volumes resulting in $82m of volumes market-wide with Blur accounting for about 68% of that. It's now been almost a week since the airdrop now and Blur has done 53% of all market volumes, almost twice that of OpenSea. While this may be a temporary phenomenon given airdrop farming, it does beg the question as to whether the damage to OS will be permanent. You can now see why there is a whole SZN 2 of airdrop and why there may even be a SZN 3, it's aggressive tactics designed to stifle OpenSea and so far it's working. While I think many projects will be rangebound there are some outperformers, in particular Jack Buthcer's Opepen edition is up to a floor of 0.9ETH on 7K ETH of volumes on speculation it may be access to a pfp. Elsewhere the Proof Pass has been a big loser, dropping to a floor of 15.64ETH after the Proof of Conference was cancelled.
A lot going on, a lot of alpha and a lot of minefields - be careful out there! GL today
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