Mountains and Valleys

The altcoin markets have been hard to read in this bull market so far. Alts seem to be entirely at the whim of quickly shifting narratives driven by crypto natives on social media.

This season's alt traders have a strong preference for the whimsical, making memes the strongest market segment by far. There seems to be little outside interest and readiness to do fundamental analysis on altcoins, leaving lots of good projects in the dust.

It's hard to tell whether this was just a characteristic of the early bull, or whether that's the reality that we'll be in from now on. Weird markets in weird times?

To acknowledge that we cannot really tell what the flavor of the day will be tomorrow, we are making our portfolio a bit more top heavy. Laying even more emphasis on $SOL , which has shown tremendous strength as a host for the market's meme-ishness. $SOL recently lost an important source of FUD, with the FTX estate getting locked up for 4 years.

We also added a homeopathic dose of $PEPE , simply to acknowledge that the times, they do be whimsical, whether we like it or not.

Finally a bit of a reaction after this steady and quite significant drawdown. This would be a good area for the market to turn bullish again but alas, such corrections can sometimes last longer than we wish for. We remain confident that the bull market is far from over.

Most of our fiat is back in the market now. This should more or less be it if history rhymes with past bull markets.

Very broad long liquidation event into the weekend. We are buying the dip, as we believe that the most exciting part of the bull market is still ahead of us.

Bitcoin is consolidating above is former all time high, with the hottest phase of the bull market including heavy altcoin outperformance likely soon to follow.

From a fundamentals perspective, the market has been even more focused on memes and quickly shifting narratives than in former bull cycles. This is frustrating, as there's now a lot of actually interesting tech out there that is heavily underperforming. Our observation extends all the way to ETH's underperformance so far.

Well, it's crypto, and we have to live with the fact that the sparkly new thing will always be more interesting than what's been developed for years. Here's to the craziness and the weekly, daily, hourly narrative shifts of the coming months. Let a million shitcoins bloom! 🐂🐂🐂