Degen

May 1st, 2024 Market update

'It's gonna be a big week' -Barry Silbert

Macro wise:
- FOMC / Rate Decision
- JOLTs & ISM data
- QRA positive

Won't speak on macro too much as I'm not an expert. But imo - rate cuts delayed, inflation slightly uptick, election year, markets elevated but near-term pricing in pullback, liquidity risks, etc. 

Most moderate risks have been priced in. What's not priced in: Rate hikes, war escalation, credit event, etc.

Husband. Foodie. Ex Antennae Ventures. Dog lover!

Spoke about this beginning of April. $45k - 52k is a good area for a sharp clean-up on BTC.

I'd say clean-up on BTC via 3mo basis is close to done. So I'd say sharp drop scenario into mid-40s to low 50s lines up perfectly.

Understated risk building in market is Eigenlayer: VC's invest in EigenLayer at <500M valuation. Get tokens early. Eigen now at > $5B valuation. How can market absorb such high selling?

ETH possibly coming into a good r:r area also with strong tailwinds

- ETH ETF (when, not if)
- Larry Fink + Blackrock ETH fund
- Dencun upgrade
- L3 (Degen) challenging L1s
- Strength in ecosystem resilience

I'd be giga bullish on ETH @ 2500s, if we get it. And higher beta bets in Degen, imo. Don't care much for L2s.

Underrated assets I continue to buy and add: NEAR, SOL, Degen

All in all: I am bullish on this pullback. Though we may have another 1-2 weeks of bleeding. 

I expect strong assets to bounce back faster than those with weaker narratives, large holders selling, bad tokenomics, etc.