TL;DR
$400B has been wiped from the crypto market in 7 days, the Fed is protecting charges larger for longer, and the ETFs are outflowing (and that’s okay — we’re nonetheless in an uptrend).
Full Story
Welcome to the primary ever Web3 Every day Meditation Session.
Please discover your seats.
As we speak’s meditation is titled “Worry deflection, within the midst of a correction.”
Repeat after me:
“$400B has been wiped from the crypto market, and that’s okay.“
“Whereas scary, 15% / 20% / 40% corrections just like the one we’re at present experiencing are fully regular in crypto bull runs.”
“Sure, the Federal Reserve has determined to maintain rates of interest larger for longer, limiting the market’s means to take a position extra aggressively…”
“However that was anticipated — the market has largely priced it in already, and has responded positively to getting what it anticipated.”
“I acknowledge that there was extra money leaving the Bitcoin ETFs this week, and permit myself to be sincere and say: that sucks.”
“However I have to take the dangerous with the great, and with that, acknowledge that the outflows are coming from the Grayscale ETF, as a result of their charges are too excessive.”
“The opposite ETFs proceed to see web optimistic inflows, this means continued curiosity from the broader market.”
“Issues could go decrease, they might go larger — one factor is for positive: as of proper now, we’re nonetheless in an total uptrend.”
Deep breath in. Deep breath out.
Namaste.
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