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 - Well, equities are so back with the SPX and NDQ both posting a solid day yesterday ending up 0.9%. Despite that, we're seeing about half of those gains retraced this morning in the futures market. Worth noting that interest rates have truly had a strong rally which sees 2/5/10/30y back down to 474/411/402/420bps now. IMO it's an overwhelming consensus view that the Fed will keep rates higher for longer and we won't see cuts until some point later next year; people are probably short interest rates which is why it's interest to see this move lower after that curious payrolls number on Fri. It makes the inflation nuber on Thurs a rather important one and the perma bull/optimist in be can't help but think "what happens if it comes in below 3%?". Interestingly there is expected to be a reduction in core inflation, which excludes food and energy prices, so it brings the impact of energy prices (particularly oil) back into focus here. It's worth noting that crude oil is actually up about 25% in the last month or so and we're back to levels not seen since April this year -- going to start keeping an eye on this a bit more.
CRYPTO - After a slight wobble yesterday it appears we're edging the tiniest bit higher with BTC at 29.2K and ETH at 1835 still. What I do every morning is I eyeball the BTC price then I eyeball ETH and alt prices and take a guess as to what happened to BTC dominance, my guess today is that it's higher. Indeed it looks like it was a correct guess with the level now up to 50.45% vs yesterday's 50.3% the last time I checked. In a weird way I think it's good to see as I do feel like a lot of the sell pressure has been on BTC itself, once that alleviates I would expect BTC to lead us out of this dredge and ETH/alts to follow very quickly and eventually outpeform. The question we're all asking is when that will happen...maybe CPI this week creates an opportunity for it to.
NFTs - Just $8.5m in total volumes yesterday as that number just keeps heading lower. Price action has been mixed but it's interesting to see MAYC and DeGods climb 3-4% overnight. DeGods is up 7% in a week and has fared materially better than most other pfp projects; it'll be interesting to see what Frank does with Season III and given all the other news/reveal disappointments we've seen this year I'm rooting for him to succeed. Nakamigos are worth mentioning as they have posted a 7-day 45% increase to a price of 0.33ETH having been very quiet for a while. Not really much in the way of large sales yesterday, there was a CryptoPunk sale for 65ETH with a gold chain but that's pretty much it. It continues to be quiet in the way of NFTs but I think a good thing is we've finally stopped seeing an influx of supply which is giving incumbent projects some time to stabilise and figure themselves out.
REPORTS - Today we look at Professor Jun who released their highly anticipated generative art project ‘Threads’ yesterday. Reminiscent of a simplified Fidenza, the collection is actually much more intricate as explained by Jun. ‘Threads run through 3D space: one thread can hide another, they travel side by side or across each other; when combined, patterns and key moments emerge on the canvas’. These are pretty cool, and with an instant sell out and doubling of the floor price, the community also thought so too. Find out more about Jun and the project in our in-depth report to be released this week.
GL Today!