Well, the total market capitalization of the crypto market is down 41% on the month.
Is it finally time for a bear market thread from croissant? Let’s give it a shot… (1/x) 🐻
With tokens reaching several year lows, surely there are other great investment opportunities arising in the real world…
Let’s take a look at stocks.
Oh, the Nasdaq is down 12.7% this month, wiping out many months of single digit gains?
That’s okay. that’s just one example…
By now you’d think all these people would stop using Ethereum so much with gas fees so high & block space getting so undesirable, right?
Mmm, no. Despite extraordinarily high fees, a growing number of users continue to bid to get their transactions included in the next block…
Okay, okay. So there’s a lot of people spending ETH to transact on the network…
How much of the fees are going to miners!?
Only a tip!? Now you’re going to tell me the rest is burnt.
Oh, it is? Resulting in upwards of $3,903,405,539 worth of $ETH being burnt in under a year?
If Ethereum is suffering from this much congestion, surely other DeFi protocols on top of the network are worse.
Has a black swan event, or any major DeFi protocol failed in all the stress tests?
No? Better than ever? Coordinating with backstops + failsafes with no regulation?
Fine, but you can’t say people are still buying stupid jpegs, can you?
Wait, more so than ever? Even after a massive crash? That would be 𝘳𝘦𝘢𝘭𝘭𝘺 compelling if they were growing back with actual use cases and legitimacy now…
People have got to be getting bored of this ecosystem.
With no innovation and crabbing people will lose interest…
What’s that about ETHGlobal hosting a hackathon with a record 250+ projects built on $ETH being submitted from 800 different devs across 68 countries? Cool…
Is China banning Bitcoin and destroying Bitcoin miners on the streets again?
Surely the United States government is taking action too, right!?
They hate Bitcoin and every crypto in existence.
What about macro?
Is foundational trust in the United States government growing along with confidence in the dollar? Are workers happy with their wages not keeping up with inflation?
Is there anywhere safe to store your assets and outperform the central bank balance sheet?
Ramblings from a croissant who tweets about magical internet money aside, narratives change quickly in this market
Nothing has changed these last few months except the fact we got 40%+ more early.
When it comes to it, fundamentals won’t care about your “technical analysis.” 🥐
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