Some thoughts on the market: - For a lot of people who’ve been in bitcoin & crypto for 10+ years, this cycle feels very different and unfamiliar. We’re not seeing new ATHs at the magnitude you’d expect, and many alternative digital assets are at 2022 FTX crash levels. Two theories resonate with me to explain the current market: (1) First is the “bitcoin is having its IPO momentum” argument by @jvisserlabs. he argues that as assets mature, they see a consolidation period where the old guard carefully, slowly exits to make room for new players. The risk profiles of early adopters and more mature-stage buyers are fundamentally different; bitcoin is going through a phase of maturation and a change of guard. The counterpoint here is that many bitcoin OGs are die-hard fans who won’t sell, but even in circles around me, I’ve seen OGs take some profits off the table. So I broadly buy this theory to have merit. (2) @CryptoHayes recently pointed out how dollar liquidity is drying up until at least the US government opens up again. Even though it might feel like we’re heading towards a bear market, many macro indicators point to more money printing, an increase in M2 supply, and further rate cuts. The consensus on CT has shifted towards “this cycle is over,” and @cburniske was the first to call this. I’m personally more optimistic. I think the bitcoin “IPO consolidation” will happen faster than tech stocks (like the phases Amazon and Google went through post-IPO), and projects with strong fundamentals that are currently at FTX crash 2022 levels will start picking up some momentum, primarily because there are not many sellers left. I’m an engineer and not a trader, so take these views with a grain of salt. I’m long BTC and STX (99% of holdings), and am also long SOL and ZEC (Solana is a better Ethereum, and privacy is fundamental). Markets will do their thing, building long-term value and usage is what matters 🟧🦾