The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A soft day for SPX yesterday which closed about 0.65% lower, while NDQ remained unchanged. Interest rate yields have been struggling and we're back out to 4.07% at the 2Y point. What's causing treasury yields to spike here? Well it's continued talks about the US debt ceiling. Honestly, US debt ceiling shenanigans have been going on since I first entered markets as an intern on the Barclays trading floor in 2011. I remember thinking at the time "OMG what happens if the US defaults on its debt". Over the years you kind of get numb to the headlines because they always just snake their way through it. The thing is, that doesn't mean we should be complacent here and it's not without risk, but I think it's one of those things where we might sell off a little into FUD but it probably ends up being fine. I also think the fact there's nothing else going on atm people have started focusing on a Z-list piece of news....but yeh, I would expect the ceiling to be raised without major issue here.
CRYPTO - Well recent volatility has all been all but sapped out of the crypto market with BTC still at 27K and ETH still at around 1820 and we really haven't seen much movement in either direction in the last few days. Altcoins have also been hanging in there without much movement, one notable gainer yesterday was $APE which outperformed a touch after the HVY-MTL reveal yesterday and continued evolution of the story. BTW, yday I was talking about the ultrasound.money website and mentioned the wrong number for the supply change - since merge it's actually been 283k ETH that's been burnt, the 34K number I had was just for the last 7 days. So yeah...kind of insane...still makes me very bullish ETH.
NFTs - Despite lowish volumes NFTs continue to build their gains with most things once again in the green over the last 24H and Miladys having the largest pump to a floor of 25%. We also saw a 30% increase in Opepen Edition after further reveal mechanics and the next chapter in Jack's story continues. We also saw the HVY-MTL reveal for Yuga Labs which appears to have received a warm reception leaving many curious on how these will fit into the overall story. Despite this, we actually saw a 32% decline in the floor price on about 700ETH of volumes, suggesting maybe some disappointment out there. Overall, it does feel like activity and focus are once again picking up in NFTs and dying a little bit in shitcoins.
GL out there
Comments
No posts