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still seeing too much optimism for this to be the bottom. true capitulation has a time
component that hasn’t been hit (yet)
1) net new capital is years away
2) heavy handed regulation is coming
3) speculation still only dominant use case and that user base just got carted off
@0xMerp@AkadoSang 77-82% of a market that we know wasn’t organic price action (3ac levered to the tits, Alameda using customer funds)
i think it’s worth reassessing prior assumptions and being real about previous PA