My current take on the market is that the short term outlooks is quite shit. Macro is in a bunch of uncertainty and will remain so IMO until after the election. BTC/ETH still correlated to macro. DeFi projects and meme coins have run out of market buyers and cooldown is necessary
NFT seems like a forced narrative at best. The market is not ready to explode yet, first needs interoperable L2, better creators, and then mass appeal. Think about how hard it is to convince people that Bitcoin is provably scarce. Now good luck convincing them NFTs are scarce.
The actual catalysts that are coming are Phase 0 activation and Uniswap v3, Synthetix, and other projects rolling out support for interoperable L2s. Ethereum has been borderline unusable when you need to use it the most. People won't come until that's solved or at least relieved
Do I think we are heading into another two-year bear market? Absolutely not. Too much real useful stuff happening but the market got overheated, a lot of dumb toppy shit happening, money being printed out of nowhere, it was not sustainable. It will get better. But short term pain
For those that think I'm just riding the bear narrative, I'm not. I felt the same even before the market shit the bed. As always, I could be terribly wrong. I will be watching the next few weeks or more on the sidelines.
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