Rekt Mkts: Onchain crypto wobbles

Well oil keeps sneaking higher and yields are joining in today. Stocks are softer, but memory is still green in Korea and the US, which is obviously the bit I prefer seeing. Crypto majors are fairly quiet, but there's been some mixed price action in the onchain world.

Brent broke above $100 today for the first time since late July. Reuters reports fresh escalation in the Middle East, with Iran saying it fired missiles at a US base in Jordan and both sides claiming attacks on vessels. WTI futures are currently up roughly 2.5% near $95.40, while gold futures are up about 1.5% around $4,461. S&P futures are down roughly 0.4% and Nasdaq futures about 0.3%. Treasury yields are higher too, with the 5Y near 4.61% and the 10Y around 4.84%, both up roughly 3bps, while the 30Y is near 5.29%, up about 2bps. As mentioned yday, PPI and CPI are the headliners for this week and we get the former tomorrow.

MU and SNDK are both up just over 2% in US cash trading after Hynix gained 3.5% in Korea, comfortably ahead of KOSPI's 1.4%...definitely notable strength in these names in a tape that's struggled to get going I think...e.g. Nvidia is lower. Overall I think relatively tepid action though ahead of tomorrow.

BTC is around $78.8k and ETH near $2,497, both only slightly higher over 24 hours. SOL is basically flat near $104, while HYPE is up about 3%. Not much direction in majors overall, but HYPE is doing better. It's a mixed bag onchain - the Robinhood ecosystem is down around 20-30% across the board including both memes and protocols, with namely PONS dropping by 21% down to a $456M mkt cap, taking its MC/7-day revenue ratio to below 1 for the first time in a few days. I think profit-taking across the board in these names has led the move lower, but it's also worth noting that Stonk Fun has been doing similar or more daily revenues to Pons at less half the mkt cap (granted this is only a couple of days) while Pumpfun officially announced the ability to pair vs stocks/RWAs therefore increasing competition in the space, so there could be some capital rotation there (STONK was up about 30% before dropping to being down 7% on the day). There is a lot of positive uPNL on FOMO and it sort of becomes a game of chicken at some stage. Personally I've taken some decent profits over the last few weeks and ready and waiting to redeploy should we see a meaningful backup (which we may not if we get a couple of good macro prints this week). Good luck.