People are afraid because there's not a convincing explanation as to why BTC dumped so hard. There was no parabolic run-up like 2017-18, nor an FTX-like blow-up such as 2022. So naturally they begin to question the underlying thesis.
It doesn't help that we are, in fact, below the 2017 high in gold terms...!
I don't think the dump is fully explained by retail or cycle-theory. ETF flows are not nearly as aggressive as the price action. Chances are that major players have been forced to liquidate. We'll probably see some dead bodies once the dust has settled, and people will feel better once there's a narrative to pin this all to.
Also, you had a bunch of retards who aped into TCs and got utterly obliterated. So sentiment is lower than it otherwise would be.
We'll all have forgotten about this in a year or two.
People are afraid because there's not a convincing explanation as to why BTC dumped so hard. There was no parabolic run-up like 2017-18, nor an FTX-like blow-up such as 2022. So naturally they begin to question the underlying thesis.
It doesn't help that we are, in fact, below the 2017 high in gold terms...!
I don't think the dump is fully explained by retail or cycle-theory. ETF flows are not nearly as aggressive as the price action. Chances are that major players have been forced to liquidate. We'll probably see some dead bodies once the dust has settled, and people will feel better once there's a narrative to pin this all to.
Also, you had a bunch of retards who aped into TCs and got utterly obliterated. So sentiment is lower than it otherwise would be.
We'll all have forgotten about this in a year or two.
__@_'-'