$BTC worth ~$2T.
$ETH worth ~$400B.
$SOL worth ~$100B.
These are amazing numbers considering less than 10 years ago $BTC was worth ~$3B.
Cheer up, future is bright.
don't think anyone on crypto twitter is sufficiently bullish enough the next four years
once the US admin understands the power of stablecoins onchain to expand the US dollar dominance across the globe we are going to have all banks holding USDC USDT USDe very quickly
People won't like me saying this, but if $10T is the round # target, then we likely fall short of it this cycle.
It was a good rallying cry from a capitulation bottom, and will prove directionally correct this cycle, only to be exceeded with time. That said, as we enter a period of increasing frenzy, where dreams grow larger by the day, and bull market geniuses abound, it's important to be realistic.
For example, $100K and $10K calls for $BTC and $ETH were everywhere in 2021, and we capped out at ~$70K and ~$5K respectively back then, with $BTC only now reaching that target - lesson in there.
Also, if you were buying at < $1T with a view on $10T, imo you are reasonable to take profits from $3T up to ~$10T in tranches. No one ever lost money taking profits, the foregone gains as you harvest on the way up are psychological pain only.
Sure hodl some coin forever, but also take profits in frenzies and live your life. Time is more precious than even $BTC.
Never aim for perfection, or you'll always miss.
NFA.
Digging more into the perp data:
- OI and funding is back to where we were a couple days ago. This was not the full classic liquidation cascade we often see. You can see this in how many alts barely budged.
- This ramp in OI was people opening longs on 100k breakout leading to a huge surge in funding rates into the 100% APR area. Danger zone.
- My thought is that lev longs chasing post 100k breakout is inevitable and cannot be stopped.
- However, the reason I think this is bullish is that instead of stacking further leverage onto the market and stretch the price to say 115k, we instead reverted and flushed this breakout OI.
- Lev longs are now liquidated and have PTSD. They will not be as convinced to lev long a 100k breakout this next round now.
- We can now hopefully build a base for a spot-driven move past 100k and that will hopefully not be followed by lev long chasers who've now been burned.
- The onus now is on spot buyers to lead here and I think that will take time, but I'm a lot happier to see this than see perps continue to push us higher on a house of cards.
- As a spot longer, this is why I think this is bullish medium term. Hopefully we can now build a healthier base.
Do you understand how crazy it is that we get Solana ETF news and Gary Gensler leaving on the same day?
It's predetermined, if you're not overweight SOL by now you're a generationally bad investor and should leave crypto forever.
Today, the Cboe BZX Exchange has filed to list a spot Solana ETP from Bitwise. The ETP would directly hold SOL, the native token of the Solana blockchain and the third-largest crypto asset in the world.