man it's absolutely hilarious that every single person on #CT and generally in #crypto says , plenty of times, repeatedly to "never buy laggards", and "always buy things that show strength"
And then literally every single time people go "man what about this laggard that went down 50% in like 3 days, should we long that, feels cheap and it can't go lower than this"
Meanwhile the entire market has been ripping upwards with no chill and no break for ~3 weeks now, while BTC has flatlined, ETH and SOL moved, fartcoin up 8x from the lows, pengus up 10-12x, daily runners up a lot as well, dinos up 50-100%. And Longs have never been punished. You could have literally topblasted most majors on 10x leverage and made a fuckton of money, this vertical it was.
And again, the other question should be, who is the next marginal buyer on <yourbags>. It ripped up 10x, those who missed it, missed it, and may have fomoed in already, those who didn't see it, probably unlike to see it , so who is next left to buy your bags?
So you sit there, asking yourself questions, and suddenly the price starts sliding, because the first one out the door always gets the best price.
If the market gets a serious sneeze (for whatever reason), the worst performers on the upside, gonna be the best perfomers on the down side as if they couldn't catch a bid while shit was ripping, why would they catch a bid when shit is nuking.
And as another sidenote, people really over-estimate the amount of money that will flow into the "alt" sector, and underestimate the number of coins present in that alt sector. Too many coins, no more meaningful amounts of money coming in, no more directionally challanged VCs, MMs, Exchanges (no more 3ac, no more FTX, no more binance internal trading desks).
Plus there are so many coins, most fizzle out around 1-2-3bn mktcap if that, the fact that WIF topped at like 5bn mktcap when the market is the hottest it has ever been since 2021 March DeFi era should have raised plenty of flags for you.
Later Edit: for whatever reasons, just to have disclosure, my portfolio is down YTD, so i just might be unconsciously salty (or whatever).
So i don't later edit, I'll write down a list of my biggest blunders that I've made so you probably avoid them next time around, but I'm gonna go take a walk through the park with my son & wife now so that's gonna come in later.
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