The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - After what's felt like a torrid few days, we're finally seeing equities start the day higher with SPX and NDQ futures starting about 0.6-0.8% higher. There's been a small rally in interest rates which seem to have found stability, sitting here at close to ATHs. We get the inflation number tomorrow, I personally still feel like risk is skewed towards the upside going into it, and the 8.1% estimate sounds high. I suppose the trouble with this is if it does indeed come above 8.1% it's going to be very worrying, because it means there's a big core inflation problem and it also starts to put some doubt in people's minds as to whether inflation has really topped out or coming down. It's gonna be a big one either way I feel.
CRYPTO - We saw some reasonable strength yesterday with BTC holding 19K and ETH climbing back almost to 1300. There continues to be very little vol in majors, while a few altcoins had a much more challenging day. The big headline yesterday was on $APE which moved about 10% lower after news of the SEC investigation. My take on this is it's not really a surprise, we had already heard rumours and given how much money was created there out of thin air, it's not shocking to see the SEC take a closer look. What I would say, is that there's often a fear when you hear the word "investigation" and that's not necessarily a bad thing. The "investigation" could have a positive result. The other thing worth mentioning is that A16Z is a huge unit, I'm pretty sure they probably have a dedicated in-house legal team for this kind of stuff. Furthermore, we know Yuga also appointed Fenwick (lawyers) to make sure what they were doing was within legal realms. I don't know if they have already been in touch with the SEC or not but it's hard to think they are being caught wrong-footed here and are not prepared for this.
NFTs - With yesterday;s news we saw some good volumes in the Yuga complex, about 1.5K ETH between BAYC, MAYC and Otherside. BAYC lost 5% to move to a fp of 74E and MAYC 11% lower to a FP of 14E. Interestingly the Otherside FP didn't really move lower. Elsewhere it looks like NFTs are generally down across the board by about 5-10%, while listings seem to be ticking up once again across most collections. We continue to see some good activity in rektguy, with a 5.25E sale on another rare piece, by the same mystery buyer with the 2017 vintage ETH wallet.
GL today.
-OSF
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