November Market Update 🏴☠️
Crypto Is Dead, Long Live Crypto
My macro thesis seems to be playing out well, with equities pushing higher this month and the Dollar and yields moving lower. After dumping during Powell’s hawkish statements post the 75 bps rate hike, macro assets moved in line with likely lower hikes over the next few FOMC meetings and likely pause in Q1. Lower inflation prints further strengthened this thesis, along with FOMC meeting notes. Bearish sentiment continues to be at all time highs with most expecting a 2008/09 crash. However, there are views that we could get a massive blow-off top bull-run in the next 6 months. I’m in the latter camp.
Just when we thought things couldn’t get worse for Crypto…FTX collapsed in spectacular fashion. It seems as Web3 assets decoupled from equities this Fall and Web3 assets would likely be much higher if not for the FTX contagion and omnipresent fear. Those in Web3 now have been battle tested and hardened by this >1 year long bear market like no other in history. Those that remain are likely not going anywhere, this is how bear markets end - when there are no more sellers. Traditional media is declaring the demise of Crypto, NFTs, and the Metaverse. Just like they declared Oil dead when it went negative in March 2020 and Crypto dead in the past bear markets of 2014/15 and 2018/19. These are usually good contrarian indicators.
Currently, my top investment ideas are CloneX, Azuki, Mutant Ape Yacht Club, Doodles, Otherside, Moonbirds, Ethereum, Bitcoin, ApeCoin, Goblintown, and ENS.
RTFKT is expected to airdrop Project Animus eggs any day now and just shipped their Nike AR Hoodie to those that forged. Nike launched their digital collectibles and wearables platform.
An Otherside announcement is expected any day now and definitely before end of year.
BAYC is also expected to come out with a big announcement very soon. They have been too quiet for way too long.
Moonbirds just went In-Chain and should announce something regarding Mythics.
Ethereum has officially become deflationary with less ETH in circulation today then at the time of the Merge in September.
Bitcoin bulls are standing their ground with Cathy Wood of Ark Investments sticking to her price target of $1M per BTC by 2030.
Doodles has been painfully quiet as usual, still waiting for announcements for Doodles 2 and the Dooplicator.
Azuki did a collaboration with Ambush.
ApeCoin staking should go live on December 12th.
Goblintown revealed a collaboration with Atari.
The next investment idea is ARKK (ARK Innovation ETF). ARKK is the new NASDAQ 100. If you haven’t already, please upgrade your subscription now to receive it when it is published at the end of the month.
To the moon and beyond,
Andrew
Disclaimer
The content of this letter is for informational and entertainment purposes, and should not be construed as personal investment advice.