$LDO is a very good case study for what I believe is to come for this cycle's fresh new alts.

A vital piece of architecture for the Ethereum ecosystem, Lido's value proposition is undeniable to most in the space. However looking at price, you would be hard pressed to believe

Something to note - when the pendulum swings in the opposite direction, it can hurt far more than you think it does.

There were compelling reasons for why this signalled a market bottom and yet alts have proceeded to bleed further. I suspect most are down even worse from when

Haven’t touched CT in a week.

Check in with a simple scroll today.

Yup, everyone still losing their minds.

Will be back when there are things worth posting about.

In the meantime, remember - buy low sell high.

If risk appetite returns, a play on elevated funding yields is as simple as it gets.

Moon that.

SocialFi remains to be one of the freshest narratives for this cycle, simply because its the least solved game that crypto natives are exposed to today.

$DEGEN saw its first parabolic appreciation up as markets realised this was the first SocialFi schelling point and I suspect

We do a little testing...

claim.fantasy.top/?invite=0xENAS

fantasy.top ✨
fantasy.top/api/share/img?…

Not something I expected to see. It appears that CT has learnt the hard way what happens when you denominate in memecoins and alts.

That being said, provided key levels hold this is one of the healthiest possible outcomes for prolonging the duration of this bull market.

Something I miss from the old days is Uncommon Core back when Hasu⚡️🤖 and 朱溯 🐂 helmed it.

Truly one of the goated podcasts for crypto.

How much of a drawdown have you experienced from your all time high levels?

Some observations:

- Alt/btc ratios no longer getting obliterated on recent BTC drawdowns
- Bellwether for risk seems to be partially returning in the form of reasonable price response from $SUI’s TikTok partnership
- Uptick of short exposure as BTC tested 60k for the Nth time.

Out of all perp longs at 64k. Idk what this market is, but I can no longer read it.

Common sense tells me we are closer to the bottom than the top, but I am preferring to wait for the bottom to form before committing capital again.

“It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better.

The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who

- Dev mints 22.5m from deployer contract
- Starts selling in clips of 20k, possibly the slowest rug ever in history.

Only on the grandest of bases.

basescan.org/address/0xcfe5…

Summary view of the weekend:

- Am reeling from the nuke just as much as most of you, with my perp book down 40% over the last week.

- I've never seen this type of dispersion between BTC and alts before (BTC selling off 13% and alts gg 50-70% down).

- Global alt OI has HALVED

I see high FDVs being quoted a bit as one of the main reasons why alts have topped. Whilst I wholeheartedly agree that this will spell disaster for retail participants who believe in these coins, these are problems for the future.

80% of new coins don't have emissions we need

Took this nuke to re-establish spot $SOL positions after rotating out of BTC.

Now we pray.