The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - It was a soft day yesterday in equities although we did end up closing a bit off the lows. SPX and NDQ closed 0.6 and 0.9% lower respectively. Futures are unchanged to a touch higher this morning. Interest rates appear to have stabilised with 10Y holding in at the 3.63% area. The next FOMC is 21-22 March and I'm very curious to see if the Fed will change its tune once again given that big payrolls print we saw for Jan. By the next FOMC, we will get one more payrolls number and two more CPI numbers; actually we get CPI on 14th Feb next week which will of course be an important one; at the moment early consensus shows a further decline to 5.8% vs last month's 6.5% which psychologically is now feeling a lot more "normal" given the 8-9 handle numbers we were seeing last year.
CRYPTO - We're seeing a small bounce in crypto which I suppose is in line with the bounce in macro, with BTC back north of 23K and ETH up to 1650. Altcoins are displaying a great amount of strength this morning and are generally up about 10%+ with tokens such as MAGIC, MATIC, CANTO leading the charge. Looking across my screen there are a tonne of alts now which have doubled since December levels, and there are a few that have done a 3-5x. Whether you believe it's a bear market rally or a real one, I think at this point bears have to acknowledge that they've left A LOT of money on the table so far in 2023.
NFTs - Sewer Passes are back with a vengeance posting another 1.8k ETH of volumes and climbing 10% back to a floor of 2.75ETH. Overall market volumes continue to be solid with another $44m trading in the last 24h, with OpenSea continuing to narrowly pip Blur for the top volume spot (17m vs 14.5m). We saw Checks surpass a 2ETH floor yesterday and that price seems to have held, but I would note that it looks like almost an additional 1% of the collection has been listed in the last 24H which is usually a leading indicator of short-term price action. Elsewhere We've seen the rest of the Yuga complex rally with Apes up 6% to 77.5ETH and Otherdeed up 8% to 1.8ETH. The run-of-the-mill pfp projects continue to see low volumes but I'm still banking on that changing in a week with the $BLUR airdrop. Some comps for you here, $LOOKS has a market cap of $156m and X2Y2 has a market cap of $37m (both undiluted). Blur has done 10x more volume than LooksRare and 4x more volume than X2Y2. I know a lot of people think this token gets insta-sold/dumped but there's also a pretty clear floor here, and it's very far from zero. I think people are underestimating how much of a stimulus effect this will have on the market.
GL today!
Comments
No posts