TL;DR
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$400B has been wiped from the crypto market in 7 days, the Fed is keeping rates higher for longer, and the ETFs are outflowing (and that’s ok — we’re still in an uptrend).
Full Story
Welcome to the first ever Web3 Daily Meditation Session.
Please find your seats.
Today’s meditation is titled “Fear deflection, in the midst of a correction.”
Repeat after me:
“$400B has been wiped from the crypto market, and that’s ok.“
“While scary, 15% / 20% / 40% corrections like the one we are currently experiencing are completely normal in crypto bull runs.”
“Yes, the Federal Reserve has decided to keep interest rates higher for longer, restricting the market’s ability to invest more aggressively…”
“But that was expected — the market has largely priced it in already, and has responded positively to getting what it expected.”
“I acknowledge that there has been more money leaving the Bitcoin ETFs this week, and allow myself to be honest and say: that sucks.”
“But I must take the bad with the good, and with that, acknowledge that the outflows are coming from the Grayscale ETF, because their fees are too high.”
“The other ETFs continue to see net positive inflows, this indicates continued interest from the broader market.”
“Things may go lower, they may go higher — one thing is for sure: as of right now, we are still in an overall uptrend.”
Deep breath in. Deep breath out.
Namaste.
