The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A pretty ugly day for equities yesterday which saw SPX close 2% lower and NDQ 2.4% lower. Interest rates continue to trade poorly and have since sold off even further to now 3.95% on 10Y...really not too far way from that 4% level now! Market jitters come ahead of the the minutes from the most recent FOMC. Indeed, the last FOMC meeting was one that was perceived to be rather bullish for markets, and we shouldn't exactly be getting much "new" information. However, with the change in the landscape of the last set of economic data these minutes will be scrutinised more than ever now.
CRYPTO - We saw continued weakness overnight in line with equities which now sees BTC at 24.1k and ETH at 1640, which to me actually feels like a bit of an outperformance over the last couple of weeks too. Altcoins have been rather heavy and took another leg lower yesterday, looks like things are generally down about 10-15% across the board, in particular, it looks like $BLUR is down back below $1. IMO we'll continue to see choppy trading here, tbh, for the whole year but from this point on I would still expect additional positive returns to end the year. A lot of it really does depend on macro but we also need more clarity on this alleged stable coin dumping for BTC/ETH...regulatory FUD is ever present.
NFTs - We saw another $82m of volume market-wide yesterday with BLUR maintaining just under a 70% dominance. BAYC tops the volume charts with 12.1K ETH trading in the last 24H. If you've been following Twitter you'll know that half of that volume was Mando and I deciding to take profits on our Apes. It was a tough and emotional decision, and certainly in no way a reflection or view on Yuga Labs which we remain bullish on, holding Otherside, Mutants, Sewer Passes, $APE and also being angel investors. The liquidity provided by Blur is insane at the moment. We've always asked ourselves, how will we ever monetise this position without greatly impacting the market..we thought maybe one day we could find a bulk buyer but even then, any such buyer would want to buy at a big discount. Similarly, if you go through an auction house you have to pay fees. So to be able to sell our entire portfolio at a price that was actually above the floor price, in a matter of minutes, and not impacting the floor price after...you don't get many opportunities like that and so we decided we had to take it. JPEGS feel as liquid as water rn, but they won't always be and I while I think Blur will continue to be a great platform for traders, there is a risk we lose this liquidity once airdrop farming is done (if it ever is). Sometimes taking profit isn't always to do with your view on underlying price (we both think and have mentally prepared ourselves for Apes to go back to 100), it can and should also be a personal decision and the time felt right for both of us. FWIW, we're incredibly thankful to Yuga for changing our lives and we of course paid full royalties on the sale. I also view it as a mental distraction that's kind of out of the way (for now) and allows us to focus our forces on everything Canary Labs. We'll be talking about it more on Rug Radio today so be sure to tune in! https://twitter.com/i/spaces/1YpKkgdozwBKj?s=20
GL today!
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