Hide the Sell Button
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Crypto is entering the zone where you should hide the sell button.
Sentiment is the worst I’ve ever seen it in crypto.
Sure, Bitcoin drawdowns were greater in 2018 and 2022, but those came in the context of full-blown bear markets. Today, almost everything else is working.
Stocks are at all-time highs, and crypto’s supposed antithesis, Gold and Silver, have been the single hottest trade in the world.
People I’ve read for years are abandoning crypto and rotating into stocks and other markets. Just today, one of crypto’s longest-standing investors, Kyle Samani, publicly quit the space, saying:
“I used to believe in the web3 vision. I don’t anymore.”
Most crypto assets are down more than 90%, and investors have finally cottoned on to the truth: most of them are worthless. Nobody uses them, and even if they did, the tokens have no mechanism to capture that value.
I just got back from a crypto conference in Miami, the crypto capital of the world, and the mood was somber. In a room built for hundreds, the seats sat empty, filled only with the echoes of the speakers.
I’ve often seen people wish they were around before previous manias, believing they could’ve gotten rich simply by being early.
Well, here we are.
Everything is washed out. Almost no one cares. Almost no one believes anymore. The only consistent buyers are in perpetual markets, and they keep getting liquidated.
The floor is poured after the room empties.
Which is why, with liquidity drained and belief priced out, I started buying Bitcoin this week for the first time in a while.
With the largest asset in the space revisiting its former highs, it’s a no-brainer.
I’m picking up the coins they left behind, and I look forward to selling them back to the crowd when they inevitably come rushing back in.
So long as these former highs hold, the sell button stays hidden.
From where the sun rises first,
Louis Sykes
Senior Crypto Analyst, All Star Charts
