Fidelity Recommends Crypto in Balanced Portfolio
Fidelity Recommends Crypto in Balanced Portfolio
Plus, BTC passes $59k and NFT airdrop SZN moves into overdrive.
TylerD's Market Summary
GM!
Today's top news:
Fidelity recommends 1-3% crypto exposure
Bitcoin passes $59k, memecoins soar
Airdrop SZN ramps up, more and more points going to NFT holders
A 24 BTC NFT sale ($1.4M) shocks Ordinals market
Truth Labs announces NFT burn event for equity rights
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🚀 Fidelity Recommends 1-3% Crypto Allocation
Bitcoin is booming, passing $59,000 this morning.
The rest of crypto is following suit, with the entire board washed in green almost daily at this point.
And Fidelity has seen enough, they want their clients diving in.
What Happened?
Yesterday news surfaced that Fidelity ($4.5T AUM) had updated their portfolio allocations for their "Fidelity All-in-One ETFs" product.
For reference, this is the very first product you see when scrolling their Investments page.
They offer 4 different ETFs in this product, with crypto allocations ranging from 1% to 3%.
They point to "strategic exposure to crypto...for added diversification" and they elaborate on their investment thesis with this point:
"Keeping a small allocation to crypto in your portfolio can give you the potential for higher returns and serve as a hedge against traditional markets."
Higher returns, tradfi hedge.
Yep, checks out.
Why It Matters
The ETFs were just the starting point for institutional and mainstream crypto adoption.
Many still can't invest in crypto via their 401k's (I personally can't with Vanguard).
And most banks still aren't providing much access to crypto investment vehicles (though they are rallying for regulation changes to make this easier).
So we're still early.
More institutions and more retail are coming, it's just a matter of time. And the higher the prices go, the more they'll want it.
🎁 Airdrop SZN Kicks Into Overdrive
Only 1 primary theme seem to matter in the ETH NFT market right.
Airdrops to NFT holders (and what founders are doing to source them).
Pudgy's paved the way here, lining up DYM and rumors of Layer Zero and other major protocols.
Creepz notably got large $PORTAL allocations.
And now with Blast Spring about to begin tomorrow, dozens of protocols are preparing to announce points drops to NFT holders.
What Happened?
Just yesterday we saw at least 4 headlines of projects giving tokens or points to NFT holders (from Thruster, Juice Finance, Codechain and Mocaverse - more details in the Points section below).
Most of the top NFT weekly movers from last week were projects with known airdrops or expected ones coming (Creepz, Kanpai, Wassies, Sappy Seals and now rektguy).
This is the dominant force on ETH right now.
Short-Term and Long-Term Impact
There are certainly pros and cons to this meta.
Notable NFT trader and alpha group founder Tre weighed in, stating:
He's right. Regardless of your feelings on this meta and if it makes sense, this is where the action will be.
Savvy traders need to adjust.
Now, there is downside to this meta in the mid-to-long term.
These recent buyers don't want these NFTs.
They want points/airdrops.
And they will exit:
once they get them or
if it seems the airdrops aren't worth the holding cost
This is a bubble. Understand that.
If you're trading it, make sure to get out before it pops.
The real signal will be the first few airdrops. If they out-perform, the bubble will get much bigger.
If the early airdrops and point allocations are light for some of these NFTs, expect a pullback.
One thing is certain - this is going to be a fun experiment to watch.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $23.9M on the day; BTC was next with $10.8M and then Solana with $8.2M
New mint Khuga led notable top movers on ETH, jumping 290% to 0.08 ETH; rektguy, PX Quest, Parallel Avatars, Sprotos, Yogapetz & Kubz all jumped 20-35%
Truth Labs announced an NFT burn event for equity rights, based on NFT purchase price; the team has set aside $1.235M in future equity for this program
ApeCoin DAO announced an AIP for a potential partnership with an F1 team
Wasabi announced a partnership with MetaStreet, allowing usage of LCTs in its protocol (and a potential 9x points farm)
NodeMonkes led action on BTC tallying 28 BTC though volume was down significantly across the board with the BTC pump
Nodes held at 0.39 BTC floor, Bitcoin Puppets at 0.159, RSIC at 0.086, Quantum Cats at 0.275, and Nat Cats around 0.07 BTC floor
A 24 BTC sale on a Bitcoin Budgie (Inscription #2) shocked the Ordinals market, with the overall Budgie floor at 0.155 BTC (42 supply)
Solana NFTs were mixed on the day; Frogana -7% to 3.9 SOL leading volume, Tensorians +3% to 64, Mad Lads +2% to 188; Mutantmon's were the notable winner, +36% to 3.85 SOL
💰 Token, Airdrop & Points Tracker
Catch up on major token & airdrop news from the day:
Thruster is giving triple rewards to holders of Pudgy Penguins, Wassies, BAYC & MAYC, spanning Thruster, Particle and Hyperlock rewards
Juice Finance announced it will be giving Blast points to holders of Punks, Azuki and rektguy (along with Pudgy Penguins and Wassies NFTs)
Mocaverse announced a 500k $PIXEL airdrop to up to 5k NFT and ID holders
Code Chain announced a points allocation to Pudgy, BAYC, Milady and rektguy holders
$PORTAL IOUs are trading as high as $18 ahead of Thursday's TGE (token launch) after a staking announcement
Friend Tech points sold at $1.67 on Whales Market in highest sale in weeks
Yolo Games revealed a major list of Angel Investors ahead of their new Blast casino game going live on Feb 29
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are seeing mega-green again this morning; BTC +4.6% at $59,130; ETH +1.8% at $3,310; SOL +1% at $112
Memecoins soared once again, led by PEPE (+39% to $1.3B mc), BONK (+13% to $1.05B) and WIF (+33% to $750M)
Arbitrum introduced the Arbitrum Arcade as an 8-week onchain gameathon
Karak (a Risk Management L2) announced a $48M raise at a $1B valuation, along with the introduction of their XP early access program (Points)
🚀 NFT Total Volume (ETH)
BAYC (770 ETH, 22.83 ETH Floor)
Pudgy Penguins (767 ETH, 19.37 ETH)
Milady (770 ETH, 3.48 ETH)
MAYC (616 ETH, 4.03 ETH)
Moonbirds (414 ETH, 1.36 ETH)
📈 NFT Floor Price Increase (ETH)
Khuga (290%, 0.08 ETH Floor)
vVv Season 1 (114%, 0.62 ETH)
Lo-Fi Pepe (70%, 0.09 ETH)
Rektguy (34%, 0.9 ETH)
Parallel Avatars (26%, 1.09 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day of drops spanning memes, art, and sports.
La Liga is doing a gaming drop on Arbitrum, with 3,500 NFTs priced at 0.039 ETH for their "Next-Gen Fantasy Sports Game."
And Art Blocks Curated is back with artist Emi Kusano doing a 90s anime-themed drop of 300 NFTs (in standard Dutch auction format).
See the full list and dive in for more details with Swizzy's daily mint monitor.
Ed Balloon - Business Deals in the Hills (10:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
La Liga - Game On (12:00 p.m. ET)
Art Blocks Curated - Melancholic Magical Maiden (1:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
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