The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Well today is somewhat of a day of reckoning as we await the eagerly anticipated CPI number. The consensus is 3.1% vs last month's 4%, while core is expected to drop to 5% vs last months' 5.3%. With the interest rate vol we've seen and fears sky high going into the FOMC later this month it will certainly be an important number. Equities actually had a strong day yesterday closing 0.7% higher on SPX and 0.5% higher on NDQ while futures this morning are up about 0.2%. Interest rates have stayed sturdy for now with 2Y at 4.86% and given the huge short base ahead of today's print I would expect to see some decent vol there. GL to all those who are gambling!
CRYPTO - We have seen a steady ascent in line with equities which sees BTC at 30.7K and ETH at 1887 while altcoins feel a bit stuck in the mud, but some are up 2-3%. BTC dominance stays stable at 51.5% as does the ETH/BTC ratio at 0.062 so not much in the way of relative performance across coins. I do believe today's number should impact crypto as we've seen some correlation return, IMO it may be the difference between BTC having another crack at retesting 31K (and hopefully breaking through it) or perhaps falling lower if inflation comes in hot. IMO a lot rides on this number so let's see.
NFTs - NFT price action is a little quiet today on pretty low volumes; it's rather impressive to see a strong performance in Cryptopunks which have risen to a floor of north of 50ETH, up 20% in the last 7 days and unchanged on the month. Another strong performance has been DeGods which climbed 10% to a price of over 9ETH which I think is impressive to see ahead of "Season III" which is eagerly anticipated by the community. Elsewhere there continues to be good volumes in gen art with Ringers, Squiggles and Terraforms continuing to make appearances in the top 20.
REPORTS - This week we will be releasing a refreshed report on Sorare and all of their new developments. With over 15,000 holders and a total secondary market of over 50k ETH, this blockchain based football fantasy game is not one to ignore!
GL today!