The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A benign day for equities yesterday which saw SPX and NDQ close about 0.1% lower while futures open about 0.2% higher today...a lot of vol and direction stripped out for now. Interest rates have edged the tiniest amount higher which puts 2/5/10/30y at 485/421/395/394bps across the curve. For me, we're kind of in this twilight period for markets as we await labour data next week so there isn't really much to do rn or any rhyme or reason. Still 1.5 weeks to payrolls so it feels like a lot of days of nothingness until we get some more visibility on that. Perhaps as some banks start releasing expected numbers it can help build some expectations into it.
CRYPTO - We continued to edge a little higher and outperform stocks which put BTC and ETH at 23.7K and 1650 respectively. I still find it interesting how BTC has outperformed ETH to start the year while altcoins have all outperformed ETH too. For whatever reason ETH seems to have been a laggard this year and that's despite ETH actually burning supply for a good couple of weeks now. If we do get bad data which impacts crypto next week, I think ETH is the thing I'd be looking to buy on any dip. Much easier to sit and hold that compared to alts and not panic if it goes lower.
NFTs - Similar market volume stats to what we've been seeing for the past few days once again with $91m being traded in the market overall. BAKC and BAYC leading the volume charts with some positive price action, notably BAYC climbing back up to 73ETH. It's an interesting moment in time because a lot of people have become quite bearish NFTs; "what happens when $BLUR farming stops?" etc. Well $BLUR farming could continue all year for all we know...we dk how many seasons of airdrops there will be and so far their strategy of outpacing OS volumes is working like a charm, so why stop? The longer these volumes remain the more it starts to "justify" things again imo...plus everyone is super bearish so it does kind of make you want to take the other side. The only thing I would say is that prices haven't really dropped enough for me to want to get involved..IDK maybe I'm being too conservative!
GL today!
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