The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - I'm in Vancouver/Whistler this week so these updates might be coming a bit later as I regather my marbles. Right so equities - things seem a bit meh at the moment with futures down a little bit, while interest rates seem to have stabilised at current levels of 4.88% on 2Y and 4.18% on 10Y. TBH, it's tough to expect much in the way of movement before inflation next week and my guess is the next few days will be a nothing burger, especially with the US having been out yesterday for labour day. Something worth noting is that we are soon expecting the ARM (UK-based chipmaker) IPO where the valuation being targeted is $52bn. This is going to be one of the largest IPOs that have come for a long time and is going to be a bit of a bellwether for tech stocks given what we've seen in NVDA and other chipmakers. Keep an eye on how this goes, because for example if we see a lack of demand and a cut in valuation/poor trading performance on the break it can create a damp sentiment, and of course, the inverse is true too. Personally curious to see how this one places out.
**CRYPTO** - We shed a tiny amount overnight with BTC drifting to 25.7K and ETH to 1630. Interestingly bitcoin dominance has dropped a touch to 49.1% as well. Without further news/updates on ETF stuff it feels like the path of least resistance could be lower here, but my gut says we are hovering at a local bottom given a further decline would result in us being lower than where we were before there was good ETF/SEC news and I think that would mark a very strong buying/DCA opportunity. The reality is that with volumes so thin it's very easy for large shorts to step in and push prices lower and I wouldn't be surprised to see more of that happen until we next year from the SEC which is 17th October I believe, so more than a month away, and even then any decision is likely to be delayed imo. I am still very bullish 2024 and tbh taking frustrating price action aside it really is the easiest opportunity to simply DCA for a few months into the final deadline of March; it just requires patience and the ability to not panic when price go down
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**NFTs** - Price action across the board on pfps is kinda mixed to a touch lower, notably Miladys seem to be in descent after their recent surge and are now down about 15% in the last week. A strong performer of late has been Nakamigos which are up 15% overnight to a floor price of 0.42, which marks a 45% increase in the last 7 days. There has been speculation of "something coming" in the Autumn and it's definitely being talked about a lot more on the timeline as it stands. Refik's WoY is in full FOMO mode after someone sold a punk yesterday and used half of the proceeds to sweep some; I have to say every time I've seen someone sell a punk to buy a random NFT collection that is already up like 500% it usually marks a local top lol.
**REPORTS** - Today we will look at Seedworld. It is a user-generated content gaming platform for crafting immersive experiences & enjoying others' creations. The team behind it all has amazing experience previously working for big industry companies such as Ubisoft, EA and Marvel. With the slogan ‘Play, Build, Collaborate + Monetize’, and being backed by Seedify fund, there is obviously a lot of excitement around the project. Find out what they’ve achieved so far in our in depth report releasing this week.
GL today!