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 - quiet day yesterday in terms of data but still a strong tone in equities and that has continued this morning with stocks up another 0.25-0.5%. US producer inflation came in slightly higher than expected (0.3% vs 0.2% expected) which is an interesting data-point going into Thursday’s more important consumer inflation print (CPI). The two big trends in the market at the moment are 1) strength in gold 2) weakness in the dollar - these are partly related but seem to indicate the market is expecting some level of stagflation over the next year and a Fed which will have to blink in the face of a weaker economy. Coinbase stock is up 5% after announcing it will cut 20% of its workforce - still down 90% from the highs!
CRYPTO - ETH hit 1350, BTC hit 17400 yesterday but we retraced slightly as the day went on - opening ETH 1325, BTC 17250. The trend of heavily shorted coins mooning also appeared to peak yesterday and we saw GALA, SOL, LIDO all dip after meteoric rises - APE on the other hand is still hanging around the highs of 5 ahead of the Yuga announcement tomorrow. Personally I think ETH has to retrace slightly (1300 area) before we can go higher as this has been quite an aggressive move vs recent volatility. I do think we are going higher though, probably to 1700-1800 area over next few weeks.
NFTs - definitely a quieter tone to NFTs again as ETH volatility has taken the wind out of the sails of the market somewhat - most floors are down 5-10% and volumes have dwindled particularly on Blur (now second place to Opensea again). The Memes by 6529 continue to see very strong volumes as that collection goes into Season 2 mints with the floor card now at 0.36. Mutant Hounds floor is at 2 ahead of their reveal tomorrow (11th). Importantly the Friendship Bracelets project on Artblocks closes its mint tomorrow so check to see if you have any wallets which can mint - the floor is 0.6! Been some large BAYC sales in the last 24hrs (200E, 130E) but otherwise quiet in terms of major trades
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GL today!