Getting deja vu from March 2017, when all energy shifted from $BTC (ETF at the time) to $ETH.
That’s the far left yellow mark, with the right yellow mark Jan 2021.
When $ETH decides to move against $BTC in a month, it really moves 👀
And for those asking what I mean by $ETHBTC leading risk appetite in crypto, if $ETH is able to put in gains against $BTC, then every other coin believes it can do the same:
I've never been so assured of #crypto's eventual pervasiveness; I've also never been so worried about the odds, and ramifications, of us mucking it up.
Classic human patterns, such as those in power prioritizing themselves above all else, will continue to invade #crypto.
As we build this new infrastructure we have to constantly ask what we're valuing, who we're empowering, and why.
1/ The euphoria is intoxicating, but #crypto is in need of a pullback and consolidation if $BTC wants to reach into the $100Ks and $ETH into the mid-to-high thousands.
2/ That doesn't mean this #crypto bull market would be over, but rather a period to recharge for another wave.
3/ A useful analogy here is #crypto's bull markets are composed of a set of waves.
In the ocean, a big set can have 3-10 distinct waves that the pack tries to catch.
While institutions are increasingly discussing $ETH (what, why, how), they’re not FOMO’ing into it the way they are into $BTC right now.
There are many reasons for this — compared to $BTC, $ETH is younger, takes more time to grok, and constantly has to correct propaganda from #bitcoin maxis.
There’s still a lot of reputation upside for institutions that “get” $ETH early (still a pioneer here)—
—whereas $BTC is quickly becoming a consensus macro trade (now borderline a follower).
Where $BTC is the mother token that spawned all the rest.
What we’re seeing with the SEC is continued formalization about which tokens will be considered securities (eg, $XRP) and which won’t (eg, $BTC & $ETH).