The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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MACRO - Markets were closed yesterday, and while it is still a holiday for Europe given Christmas fell on a Sunday, I believe US equities will open later today.
CRYPTO - It was an expectedly quiet weekend for crypto which saw BTC and ETH remain relatively unchanged at around 16.8K and 1220 respectively. Nothing majorly notable for altcoins either although I would once again comment on the fact that $APE has managed to remain relatively stable as rewards have been accruing.
NFTs - It was actually a pretty active weekend for NFTs as most projects saw price rises of around 10-20%. BAYC is back at the top of the volume charts with 560E of volume with a floor of 76ETH, breaking out of the 2 month range it has been in for a while. Indeed, we concluded and revealed the TABZ mint which settled at a price of 0.19-0.2ETH and saw just north of 400ETH of volume in the last 24H. Pudgy Penguins have hit a new ATH of 6ETH, Azuki Beanz up to 1.7 and Azuki itself up to 14, and of course we saw Rektguy reclaim a 1ETH floor and settle at around 1.1ETH. IMO there's definitely a cohort of people out there who believe a $BLUR airdrop will act as a tailwind for NFTs, although my recent poll suggests that's somewhat of a minority:
I think the expectation is most people who have been harvesting $BLUR probably have the intention to dump right away, so many don't expect the airdrop itself to be worth anything. I'm sure the $BLUR team/Paradigm are probably aware of this, so it's a question of if they can think of any smart ideas to counter it. One could be staking, but that would just prolong any dump. A second one could be if Paradigm choose to throw money at it and buy everyone's $BLUR to cause a token pump. I'm curious to see what happens. I would like to think they are smart enough to not just let it instadump on the drop and leave it behind, but it's challenging to come up with real utility for these tokens. I would say I'm in the camp of January being a potential NFT bull because even without $BLUR I do believe we'll benefit from a calendar effect and the projects that are regularly in the top 20 of volumes, it's been clear they aren't going away anytime soon, given the strength in the communities. With that in mind, I think there's more potential upside in projects that trade in the 1-2ETH range than those that are in the 7-10ETH range; it's a much easier concept for the former to do a 3-5x than the latter.
Hope everyone is enjoying the holidays and GL!