The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Stocks ended the day off the lows yesterday and closed 0.5% lower on SPX and unchanged on NDQ. Futures are pretty much unchanged, as are interest rates where the curve sits at 471/398/374/382bps across 2/5/10/30y. The big news today is the miss in UK inflation which remains stuck at 8.7% vs 8.4% expectations. As a result, there's a greater expectation of a 0.5% increase by the BoE tomorrow as opposed to 0.25%...not looking great for the current cost of living crisis here and I think that doesn't bode well for when all of this crashes. Interesting to see the contrast vs the US.
CRYPTO - BTC continues to surge hitting as high as 29K today. We've seen ETH rally back to 1815 and altcoins pump about 5-10%, but it truly is BTC leading the charge and its dominance has risen even further to 51%. IMO this is as a result of multiple ETF applications which includes big AMs such as Blackrock, Fidelity, Invesco and more. It's funny isn't it...you have a crackdown on incumbent exchanges and the you have a bunch of tradfi AMs coming in to apply for BTC ETFs...feels like some sort of behind-the-scenes doing there and I don't think that is purely a coincidence. From here, I'm curious to see what BTC dominance does; IMO BTC leads us out of sell-offs and then you see ETH and alts catch up, but in this case if you have successful BTC ETF listings which in turn created demand for BTC. Let's see!
NFTs - I was expecting to see the floor crater across Yuga assets but they seem to have actually held up relatively OK with BAYC clinging onto 40ETH while MAYC seems to have been hit harder and has falled below 8ETH. We continue to see a strong performance from Azuki ahead of their Vegas event and perhaps there's something to keep an eye out for there as they have been very quet so far this year! Other than that, I just want to comment it's cool to see a lof of different projects higher in FP with Yuga assets lower; not because I want Yuga to fail but because it debunks the thesis that everything follows Yuga and that some projects can do well in their own right.
GL today!
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