Year End: Powell wants Volatility

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6min read
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December 15, 2022



  1. Macro: CPI came in lower than expected further validating our call on top on rates and potential pico bottom on risk assets
  2. Commodities: Gold and Silver positions moved higher 
  3. QQQ options on all strikes and maturities were up significantly 
  4. Our long calls on $ETH, $MATIC, $LINK & $APE were significantly in the money
  5. Pudgy Penguins hit 5ETH floor


  • The Starbucks Odyssey beta is now available for select users. This loyalty-based Web3 program will earn users special experiences and perks
  • The company’s vision is to offer Starbucks Odyssey, their new Web3 venture, to be a new platform where customers take part in “Journeys” to earn “Stamps”, which come in the form of NFTs
  • ENS domain metaverse.eth sold recently for a whopping 99ETH
  • Reuters: Goldman Sachs intends to spend tens of millions of dollars to acquire or invest in encryption companies and is conducting due diligence 
  • Bitwave, crypto accounting & tax platform, raises $15M series A
  • Forum3, NFT branding/strategy for loyalty programs, raises $10M seed 
  • Shibuya, NFT-based decentralized video platform, raises $6.9M seed
  • LINK — v0.1 staking is officially live with a 25M LINK token limit until early 2023
  • GNO — Gnosis Chain completes upgrade transitioning consensus to PoS
  • BLUR — airdrop 2 is live, users have 14 days to claim by placing a bid
  • The Legislative Council of Hong Kong passed the amendment, and the licensing system for virtual asset service providers will come into effect in June next year 
  • PayPal expands cryptocurrency services to Luxembourg, allowing users to buy 4 cryptocurrencies 
  • Xi Jinping: China is willing to deepen digital currency cooperation with GCC countries
  • Ledger's new product, Ledger Stax, is a welcome addition to the company's existing range of hardware wallets



The CPI index for November came in lower than expected, giving investors some relief that inflation might be finally trending down and giving the Fed some reason to slow the pace of hikes even more. This past month, the rate of increase in CPI fell to 7.1%, which was lower by 0.2% than projected (7.3%). In October, this was 7.7%. It is the lowest level we have seen since December 2021.

Energy and prices of goods began its slowdown after pushing inflation higher all year. Energy, which is part of headline inflation, dropped across the board falling 1.6% MoM. We are still quite high on energy prices on a YoY level, sitting 13.1% above its level a year ago, while food has changed by 10.6%. According to the New York Fed, median one year-ahead inflation expectations dropped from 5.9% to 5.2% from October to November. Expectations three years out and five years out also dropped by 0.1 percentage points.


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