The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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MACRO - After what was panning out to be a weak session yesterday equities bounced off the lows to close down 0.4/0.9% respectively on SPX and NDQ. Futures are in the green ths morning up 0.3% and 0.4% respectively. IMO it's only natural to see profit taking at close to ATHs on stocks before one of the most coveted CPI numbers for a good few months; that's my take on why equities have been heavy and I think it's more to do with that than anything else. There was some weakness in US regional bank stocks yesterday after a Moody's downgrade, but IMO this is all completely "after the fact" and mostly irrelevant or not important in the way of new information. I'm always focused on new information or information that is not yet priced in, and while I think regional banking headlines have taken a back burner, there isn't really anything new or unknown in a ratings agency report (yes if you hadn't guessed by now I hate ratings agencies and think they are pointless for the most part). In any case, one day left to get through and we will see what tomorrow brings. BTW, it's worth noting we saw DEFLATION for the month of July in China (to the tune of 0.3%) - that's pretty wild and will certainly some new brush strokes to the macro painting.
CRYPTO - After weeks of crabby pain, we finally saw crypto get a move on yesterday and in the right direction! BTC led the charge getting to as high as 30k, while ETH hit 1870 and altcoins followed suit with there being some decent winners overnight. Bitcoin dominance stayed stable last night hovering around 50.6% and indeed it feels like BTC must lead us out of this rally but it does once again make me quite bullish on ETH and alts if we can progress above 30k and hold it (remember on the last pump we saw dominance drop to like 49.5% or something). One token worth mentioning is $RLB which rallied about 50% yesterday after Rollbit announced it would be using casino revenues to buy back their own tokens. There have been a few good performers recently and idk about you guys but my whole Twitter feed seems to be circling around the same few tokens...all of which I think will do well tbh. I still still think we have a good bite at the apple in buying some hi-beta shit into a big cycle, just have to be patient and remember to DCA to build the position and DCA on the way out, we have time. Not sure what caused the overall crypto rally yesterday but the wind seems to be shifting and it would be pretty nice to see a low inflation number to add some more gas in the tank.
NFTs - A better volume day yesterday which saw $14m trade marketwide amid floor prices holding mostly steady on my screen, it looks like +/- 5% across the board. We saw yet another hoody cryptopunk sale to the tune of 175ETH, certainly quite a nice one with a smoking pipe; these leaves one more left before hoody punks reclaim a 200ETH floor. A strong performer overnight is our beloved rektguy which climbed 22.5% to a floor price of 0.73ETH, marking a 40% increase over the past 30 days. Not bad going for what's been a tough market! Also worth mentionng that Sotheby's have launched 22 more lots from the 3AC grails collection - looks like a lot of tasty gen art in there for the most part, the auctions will conclude on 16th August.
REPORTS - Today we look at a new Web3 game called Wreck League. They label themselves as ‘the next chapter in the evolution of fighting games, competitive gaming, & esports’. How are they going to do this exactly, well, the first step is by incorporating the biggest name of them all, the Bored Apes. Owners of BAYC, MAYC, BAKC and Kodas will be able to claim a free ‘Founders Mech’ as part of the season one release. For more information about the game and the team behind it, make sure to read our in-depth report releasing this week.
GL today!