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Macro suffers while all eyes are on the FOMC meeting: Markets have been struggling over the past week with sticky CPI figures, while the FOMC meeting this week turns out to be the biggest hurdle to pass. Markets have placed a 75% likelihood of a 75 basis points hike and a 25% possibility of a 100 basis point hike. We believe there could still be a relief rally going into Q4, as this rate hike has been priced in, and institutions are already starting to accumulate. Meanwhile, we are hopeful that our macro EU energy crisis thesis will play out simultaneously.

Bitcoin trades lower over the weekend: Bitcoin traded hands at $18,471 down 6.9% over the past day and down 16.4% WoW. We believe BTC will continue to be range bound, as it has been for the last couple of months. We anticipate the mid-week to be highly volatile as the FOMC meeting gets closer and the FED’s interest rate decision gets announced.

ETH merge successful last week: The much-awaited mainnet merge occurred successfully on Thursday, and ETH moved to the Proof-of-Stake consensus without significant hiccups. Shorter to medium term, we remain bullish on ETH vs BTC, but it is unworldly to expect BTC or ETH to decouple from broader macro markets. Altcoins on the other end dropped in price, while the largest gainer, Chiliz, increased by 11.6% WoW.

NFT weekly volumes drop off again: Weekly NFT volumes for last week stood at $92M, down -3.16% WoW. Renga saw significant volumes this week and price appreciation, while Doodles soared after it was announced that they raised significant amounts of funding. In other developments, Starbucks also announced its partnership with Polygon as part of its Loyalty program. We believe more traditional companies will utilize NFTs as a way of rewarding users in the coming months as well.

Key Charts

Crypto Heatmap (7D)
30yr Treasury Yield Chart

NFT Floor (7D)

Latest Crypto News

SEC’s Gensler Signals Extra Scrutiny for Proof-of-Stake Cryptocurrencies: Report (Coindesk)

Bankrupt Crypto Lender Celsius Wants to Sell its $23M Stablecoin Holdings (Decrypt)

White House Releases ‘Comprehensive Framework’ for Crypto Regulation (Decrypt)

Terraform CEO Do Kwon’s Passport Targeted after Arrest Warrant: Report (Blockworks)

Fortnite Developer Epic Games’ Marketplace Lists First NFT Game (Coindesk)

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