The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
**MACRO** - A very strong day for markets yesterday; we aw the SPX close 1.5% higher and NDQ 2.15% higher. The equity rally came in conjunction with a pretty substantial rally in interest rates which sees 2Y at 4.92% and 10Y at 4.16%. This comes after we got some more weak labour market data in terms of job openings, which fell to 8.8m, almost 1m below expectations and the lowest level in 30 months. So we have yet another datapoint which shows a weakening labour market and this time markets did move a decent amount. It puts even more emphasis on Friday's payrolls number and markets, having been very worried about the "higher for longer" narrative for a while, are now starting to consider the possibility that the Fed could indeed pivot next year if the labour market keeps weakening. This, oddly, could be good for markets IMO.
**CRYPTO** - After a very frustrating period of price action we saw BTC and ETH climb to 27.9K and 17.2K respectively after headlines came out that the SEC had lost its case against Grayscale, having previously denied its ETF 2 years ago. Ths is one again another huge win for crypto and a big loss for the SEC, another material positive IMO and tbh in normal times I would have expected a much bigger move in crypto, but as we all know by now, there still seems to be some technical selling pressure so I'm not surprised we didn't completely take off, although I am impressed we've held the gains. It sounds like the SEC has 45 days to appeal, but I think this is another extremely positive step on the road to future ETF approvals as well. Two big setbacks for the SEC now having also lost the XRP case. It looks like this rally has been led by BTC btw and as such the BTC dominance has risen to 49.75%
**NFTs** - Another very quiet day for NFTs yesterday with just $9m trading which puts as at like 2Y lows or something. Most collections look like they're up about another 3-5% though in the last 24H which is interesting...honestly I know it sounds weird but I do think low volumes are good right now as it makes the flows feel more genuine/organic and hopefully it means the largest part of the selling is done. No real large sales to report of in the last 24H..seems like a couple of mid-tier punks but that's about it really. Slim pickings here for NFTs, maybe I should turn this into a shitcoin section?
GL today