the mauling this bear market put on nearly everyone has been savage treasure those who have kept it together

am partial to this thesis, imagine a lot of the drip out that was ahead of us was instead pulled forward by these implosions

think 2023 will be more about revanche than echoes

think market takes a Genesis bankruptcy in sanguine stride — Genesis Global Capital going down without pulling DCG in would quell hysteria surrounding GBTC turning into a spot BTC pinata.

Without harming others with your shitty model, easy way to figure out that USDC at ~0.9 is likely a +EV buy — hard to imagine a market composed of people in (1) this state of panic and (2) risk management hell during (3) weekend liquidity are overpricing USDC.

a banking crisis in the developed world has advanced Bitcoin's origin story further in the discursive terrain “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

imagine that in the long run this will have a salutory effect on the market; a form of catharsis allowing the space to look forward, leaving the sins of the last cycle, as much as we can, in the rear view mirror

market saw a glimpse of the future there, it may finally be ETH's turn

In early August, the remnants of ETH seized from the multibillion dollar PlusToken scheme awoke on-chain for the first time since 2021. Over the last 24h about 7k ETH of the remaining 542k ETH ($1.3b) was sent to exchanges indicating intent to begin selling the remaining tokens.

One thing that I've found more and more baffling in the last few weeks is the vertical ascent of SUI, with it quintupling off the lows (Ex 1). The market is starved for winners, and believes it has found one here, yet it all feels awfully chintzy for two reasons that I think feed

$13mm in top-of-book bid liquidity pulled by the team on TRUMP solscan.io/tx/4p5pdAUCGNb… music starting to fade