The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Very quiet in the world of equities at the moment as we closed unchanged yesterday and are opening pretty much unchanged once again today. Interest rates haven't really moved much since yesterday's sell-off, maybe a small rally, we're currently at 413/360/354/379bps across 2/5/10/30y. The FOMC officially starts today and tomorrow we will have some more information as to what they're thinking. It was interesting to see First Republic Bank get acquired by JP Morgan yesterday and this indeed does explain why the regulators chose not to step in; I'm sure JPM were probs doing the due diligence on that for a while. Despite FRC going under being another bad event, it does feel like the "shock factor" has left the market somewhat and most people are probably ready to move on.
CRYPTO - Continues to be a bit weak and we're a small amount lower today with BTC at 28K, ETH at 1830, while altcoins seem to be leaking lower across my screen. Definitely seen some TA guys post monthly charts which apparently are bearish so we'll see how that goes, it's hard not to admit the price action in the last couple of weeks have been soft and the question is when do you want to buy back in again. I've had 1200 and down as my targets to add more capital into ETH and thinking of revising that to 1400 and down. The shitcoin market continues to be strong and trade completely independent of broader crypto with $PEPE doing more volume than $DOGE in the last 24H. It's quite astonishing but I think something like 95% of holders are significantly in the money there so part of me things we are due a big pullback on the first sign of weakness there, I personally have limit orders set from .0000008 down to .0000004 - my gut is that this coin is not going away anytime soon but really have to time the entry points.
NFTs - We saw volumes tick back up to $55m across the market yesterday with Blur's market share holding in at 50%. Blur announced its perpetual lending platform yesterday where three collections were onboarded; Azuki, Punks and Milady. We saw prices rise for these collections to the tune of 15-30% which is a pretty big move, while the rest of the NFT space seems to have had a decent bounce (notably Rektguy up 25% to a .65 ETH floor on decent volume too). Imo as collections get added to BLEND we may see a short-term pump in them, but I have to think there are many who are dying to use it as exit liquidity. We have had a long period of declining consolidation now and it's tough to judge who out there is desperate to sell, but I think/hope we are in for some good activity this summer.
GL today!