TL;DR

• Market sentiment is in the gutter right now, but this point in the four year crypto cycle is historically choppy — with prices grinding sideways within a range for months on end.

Full Story

In the past week:

• BTC dropped from ~$70k to ~$64k

• ETH went from ~$3.6k to ~$3.4k

• While SOL dipped from ~$160 to ~$130

So what happened?

Was it the sell pressure coming from the European markets? The continued outflows coming from the Bitcoin ETFs? The lack of new narratives?

These things all played a part, sure.

But if you need a definitive answer — and apologies in advance for using technical language — but:

The vibes are off.

I.e. Market sentiment is in the gutter right now, and folks aren’t buying crypto in the volumes they were a week back.

As a result, prices are sliding.

Good news is — zooming out, this is all par for the course.

Historically, this point in the four year crypto cycle is notoriously choppy — with prices grinding sideways within a range for months on end.

It’s boring as anything, but we’re still on track for higher prices!