6 months ago, Raoul Pal said we are in an elongated business/debt cycle and that bitcoin would climb higher and then we would see a -35% drawdown and “everyone will be sure that it is over… and it won’t be over.”
You need to watch this again.
Utterly brutal crypto markets with relentless, rapid positions unwinding and rumours swirling after 10/10 of impaired market maker balance sheets leading to less liquidity and someone blowing up.
It reminds me a lot of 2021 when in a 4 week period Bitcoin fell 56%, ETH -62% and SOL fell -68%. It then sharply reversed and exploded to new highs. That sell off was as baffling as this one.
With the macro backdrop still so positive it is hard to think that we won't see something similar here (a sharp recovery) but massive downside volatility like this is not easy for anyone and not certainly something I expected to see at this stage, but it is also not out of the normal.
Back in 2019 to 2020 we had a -72% sell off (in a bull market but the sell off was exacerbated by Covid). Back in 2016 to 2017 we had 7 sell offs of over 30% in BTC. Alts always do worse of those periods too (see chart)
The current price action is showing no signs of letting up yet even though we are massively oversold, but having lived through huge rapid de-rsking events before in many markets, this too shall pass.
My strategy is to add into these sell offs but Im ok with large swings in P&L in a long-term multi-year trend as I've explained many times, but everyone circumstances and time horizons are different.
Good luck out there, its ugly and made harder by the lack of actual negative news outside of price. Try to get away from your screens if you can and get into nature to destress.
The #Bitcoin halving was exactly 12 months ago.
I gave this presentation at MIT the day after the halving...
Explaining why it would take 12 months before Bitcoin's price really starts to run.
That time is finally arriving. Buckle up!
2024 was a HUGE year for Toonies! 🥂
as we gear up for an even bigger 2025, let's take a look back and highlight some of the biggest moments of the past year:
- release of Degen Toonies collection: 9000 pieces of high quality, illustrated PFPs, expanding the Toonieverse and Toonies community
- added the Thief Toonie to the Toonies cast, accompanied with a brand new vinyl figure and merch
- hosted the final FBMP Burn Window, and delivered Toonies figures to a total of 33 countries
- released our first few merchandise drops, including the whale-exclusive Glove Hoodie and the Toonies Skate Deck
- produced 750+ new figures, many of which are set to release in 2025
- produced several upcoming garment releases
- created Toonies: Escape the Room, our upcoming video game
- showcased figures and artwork at various gallery shows around the United States
- began collaborative projects with Web2 musicians, artists, and brands
- weekly releases of our short-form animated series "Toonies Tales"
- surpassed 8 million GIPHY views
- continued to grow the Toonies audience on all social platforms
- collaborated with a wide range of talented artists in various mediums
- produced various products and goods for top Web3 brands and companies
- celebrated our 1 year Toonieversary
thank you for being apart of our 2024! we can't wait to show you everything we've been getting ready for 2025 👀
A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy—empowering millions of businesses, driving growth, and creating trillions in value. https://t.co/7n7jQqPkf1
GM 🌞
art first, always
a couple of art airdrops are coming very soon for Toonies holders
first: 5 illustrated pieces by @boywithnolegs
second: various pieces from top Solana artists
are you ready? 👀
I just bought one of my “I Sit in My Room All Day” editions
just retweet this + comment your favorite emoji and I’ll pick a random one of you and send the piece your way ❤️
good luck :)