The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A softer day for US equities yesterday which dropped by about 0.6% and 0.4% respectively on the SPX and NDQ. Interest rates saw quite a substantial rally yesterday which now takes 2Y all the way back to 3.87% and tbh they were even lower yesterday. This comes after we got some rather weak labour market data from the US which showed job openings fall from 10.6m in January to 9.9m in February, the lowest level since May 2021. Indeed this plays an important role in the narrative that labour market stickiness is causing inflation to stay elevated, and it will be interesting to see what happens on Friday for payrolls.
CRYPTO - Well, what a performance by ETH which has surged to new YTD highs of 1910, while BTC rallied a bit to 28.5K. The BTC/ETH ratio has moved from 0.064 to 0.067 - rather curious to see ETH's outperformance and IMO I still feel like the Shanghai upgrade on 12th April could low key be a bit of a positive outcome for ETH. Elsewhere alts have been kind of mixed and are generally up like 3-5% but I continue to find it impressive how the majors continue to lead this market. Indeed, the rally in interest rates yesterday certainly helped crypto and I would expect some potential vol on Friday.
NFTs - Despite $73m of NFT volumes yesterday it's not looking pretty for NFTs which mostly seem to be in the red including a 34% decline in Nakamigos. Personally I still feel like there are not many net new entrants into the space and such there seems to be a game of meta and hot potato continuing and not to piss anyone off or anything but Nakamigos as it stands falls into that bucket (IMO it takes many months if not years of consistency to gain the respect of real longer term holders). There's also been an interesting rally in VeeFriends which look to be up 32% overnight; it's not a project we talk a lot about but maybe one that comes into focus again ahead of VeeCon next month.
GL today!