The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Funny thing just happened, I tried to use ChatGPT to write this for me, and it told me it couldn't. Nice to know that I'm not replaceable for AI (for now). Equities had a benign day yesterday closing mostly unchanged. Interest rates saw a big move which pushes the curve out to 421/374/365/373bps on 2/5/10/30y and this was after a rare change in policy by the BoJ. This morning we're seeing a reasonable bounce in equities, up 0.7% and 0.5% respectively on the SPX and NDQ. Honestly there's not much more to say away from that and I don't expect anything to change materially this side of Christmas!
CRYPTO - We seem to have held on to the strength we saw yesterday as BTC remains at 16.9K and ETH at 1215. Altcoins look a bit all over the place to me but have generally underperformed this recent move higher it seems. $APE coin holders may be disappointed with yesterday's Yuga announcement of the Trial of Jimmy the Monkey, which appears to be a mint that does not require $APE coin. Despite that, $APE seems to be keeping relatively stable around the $3.5 area.
NFTs - Following on from above it sounds like Yuga will announce further details today on a new mint:
There are different tiers (1-4) of the mint, with the highest being available to a BAYC paired with a BAKC. As a result, we saw 1.1K ETH in volumes for BAKC which rose by 27% to an FP of 8.11 ETH. MAYC and BAYC were also active, and rose by about 3% in price. Elsewhere a bunch of NFT projects have been suffering a lot due to $BLUR airdrop farming. I must admit, I had the wrong take here when I thought this would be bullish for NFTs. In actual fact, it has had the opposite effects as people have taken the liquidity bids to sell, and farmers then instantly sell into the next highest bid in the hope that the $BLUR they will yield from bidding will exceed the losses they take on trading NFTs. IMO this will be a loss-making strategy for most, particularly as I bet many are not factoring in the tax impact of the airdrop (most likely income tax as you are having to actually "do something" in order to earn the airdrop). As a result, a lot of NFT floors have become quite depressed rather quickly and maybe there's an argument to say that could change once people receive and sell their $BLUR.
GL today!