The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Equities finished in the green yesterday with SPX up 0.4% and NDQ up 0.14%; futures are up once again this morning to the tune of 0.15% and 0.4% respectively. Interest rates sold of a little bit yesterday but 2Y is off the highs and currently sits at 4.87%. Not a huge amount to write home about there but today the FOMC starts so be on alert for any speculation that comes out of it but in reality we don't get any information until tomorrow. At the moment it looks like interest rates are pricing in a 99% probability of a hike lol unless the CME website is broken - so that should be the base case and if they do pause one could possibly expect markets to rally.
CRYPTO - We took a bit of a hit yesterday with BTC down to 29.1K and ETH down to 1860, there was a large red wick right after I sent out yesterday's morning commentary and my only guess is there was a large dump of BTC (possibly the US govt holding that was moved to Binance) and now that supply has to filter through the market at a rather precarious time which is the day before the FOMC concludes. What was interesting is this time altcoins and ETH did take a bit of a hit but the BTC dominance has once again fallen below 50% which is telling us the sell pressure is mainly on BTC as dips got bought across other coins. I personally still think we are in a buy dips market rather than a sell strength market; but it's important to DCA. I added a bit more risk yesterday and waiting for lower to add more; stay disciplined.
NFTs - It's really not pretty for NFTs once again as most collections are down about 5-10% across the board with BAYC now flirting with 30ETH and Azuki to new YTD lows of 4.74ETH. Honestly there isn't a lot of green on my screen but it is nice to see that our beloved Rektguy is up 28% to a FP of 0.55ETH after we conducted another buyback of 19 Rektguys (we spend 20% of our Rekt-related profits towards buying back Rektguys for our vault). Rektguy is actually up 10% in the last 30 days which is quite a nice performance given many of the big collections are down 30-70% in that same time period. Elsewhere in terms of large sales we saw another CryptoPunk hoody sale, this time at a price of 166ETH and it's a rather nice one with a pipe; IDK but something tells me those rare or coveted punks are continuing to head lower. We also saw a spirit Azuki sell at 61ETH which truly is a far cry from the 200-250ETH+ sales and an anti-testament to what's happened there in the past few weeks. Other than that not a whole lot going on other than to say it was impressive to see a Pak 1/1 sell for 88.8ETH in this market given all the FUD he's been getting over the past year.
Reports - Today we focus our attention on Weebox, ‘The Official Figurine and Collectibles Store of San FranTokyo’. This is an upcoming platform for licensed Anime digital collectibles, and is releasing a free Genesis collection very soon. Holders will be guaranteed an allowlist spot for their Season 1 of Weebox, as well as their upcoming San FranTokyo PFP collection. Whilst applications for the mint have closed, be sure to keep your eyes on this project as they intend to partner with major manga publishers, animation studios, and figurine companies to launch digital experiences.
GL today!