One newsletter that summarises it all, so that you don’t have to

Ominous September, Extremely Nervous Q4: US equities plunged on Friday, with the S&P and Nasdaq dropping 9.2% and 10.5% MoM to end September in very negative territory. The most concerning macro aspect was the Bank of England’s emergency intervention to purchase UK Gilts (gov bonds) after massive sell-offs, with yields rising to around 5% for 30Y Gilts. This creates a scenario for the money printers to go Brrr and start printing again. We see more interventions by other central banks, and the rising dollar creates havoc till something breaks. The bottom line is that conditions will get much worse over the next few months before they get better as the fed will either be forced to pause or pivot.

Bitcoin up over the week: BTC reached above 20k over the week but is closely following the equity markets. We observe some correlations break as we progress to October, but we are still closely watching the 17.5k support. BTC is still biased primarily to the downside and following macro conditions.

Ethereum traded higher as well, time to DCA: Ethereum traded higher over the week but had a ruthless monthly drop of 14%, despite the successful merge. We strongly believe in the ETH deflationary narrative over the long term and think it’s time to start gradually Dollar Cost Averaging. While the macro conditions could be a dampener, catching the bottom is very hard. There are also other pockets of accumulation on Altcoins, especially real-yield, revenue-generating ones like UNI, Sushi, AAVE, GMX etc.

NFT weekly volumes up, large bluechip sales surging: Weekly NFT volumes for last week stood at $113M, up 12% WoW. Despite the bear market in NFTs, we continue to see large sales of bluechips with the $4.4 Million cryptopunks sale and Mutant ape for $1.3 million. In this nascent market, it is best to buy and hold on to the top bluechips. Others are a huge gamble and no one can pick guaranteed winners.

Key Charts

Crypto Heatmap (7D)
30 Year UK Gilts Yield (Left) | 30 Year Japan Gov Bond Yield (Right)

NFT Floor (7D)

Latest Crypto News

BlackRock launches ETF in Europe with blockchain and crypto company exposure (TheBlock)

Crypto Exchange FTX Wins Bid to Buy Out Bankrupt Voyager for $1.4B (Decrypt)

Meta Opens NFT Sharing on Instagram and Facebook to All US Users (CoinDesk)

Circle Expands USDC Stablecoin Support to Five New Blockchains (Decrypt)

T-Mobile Parent Deutsche Telekom Launches Ethereum Validator (Decrypt)

DISCLAIMER: Certain information in this POST, including, but not limited to, statements regarding Rising Capital Pte Limited and its associated companies and funds (collectively “RISING CAPITAL” or the “Company”) anticipated business or opportunities, may constitute forward looking information (collectively, forward-looking information). Forward-looking information can be identified by the use of terms such as “may,” “will,” “should,” “expect, “anticipate,” “project,” “estimate,” “potential” “intend,” “continue” or “believe” (or the negatives) or other similar variations. Because of various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. The forward-looking information in this post is applicable only as of today and RISING CAPITAL undertakes no obligation to update any forward-looking information to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.NOTHING IN THIS POST OR WEBSITE IS FINANCIAL ADVISE. PLEASE DO YOUR OWN DILIGENCE BEFORE INVESTING.

Leave a Reply