Civilized people hate voice notes because they’re inherently rude. A voice note is easy to send but hard to receive, since one must interrupt oneself and listen. To send someone a voice note is to say "My time is more valuable than yours." It’s insulting.
Global OI isn't so relevant tho. Diminishing returns from Solana shitcoins tsunami has pushed liquidity over a few major which have and continue to gain dominance.
If you only look at BTC + ETH and HYPE, OI is at historically high levels in contract terms, and hasn't flushed.
We had a pretty rough week in crypto and it seems like everyone is just waiting for Monday to see what Saylor has done.
With bitcoin:native at yearly lows, I saw some people bidding, but the overall issue is that the leverage is already gone, and had been mostly gone before this whole selloff even happened. We definitely did get some liquidations, but global open interest didn't make new lows and has been sitting at 5-year lows since February.
As funding across the board is mostly neutral, this once again drives the point that the move is solely ETF/spot driven. $IBIT skew is getting steeper on the put side but still not at panic levels.
This once again drives the point that I think the bottom will be formed either at complete capitulation or with price-sensitive demand coming in.
Neither of these I see yet.
I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay "Reality Test" dropping next Tuesday.
TLDR:
- Higher energy prices due to Iran war and inventory restocking
- 3 Mega AI IPOs between now and early Q3
- Prediction that Trump goes anti-AI to win mid-terms for Republicans
- I think highs in mrkts will happen btw now and September
- Time to take profit, and two-step in beefa without worrying about my positions
A year ago, people were telling you how retarded you were not to buy $ETH.
Today they are telling you how retarded you are to be bearish $HYPE.
At the end of the day, those are just tokens, and like any tokens they will be used to extract value from you one way or another.