TL; DR
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In seven days, $400 billion has been wiped from the crypto market, the Fed is keeping rates high for longer, and the ETFs are flowing out (and that’s okay: we’re still in an uptrend).
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Welcome to the first ever Web3 daily meditation session.
Please find your seats.
Today’s meditation is titled “Fear deflection, in the middle of a correction.”
Repeat:
“$400 billion has been wiped from the crypto market, and that’s okay.”
“While scary, 15%/20%/40% corrections like the ones we are currently experiencing are completely normal in crypto bull runs.”
“Yes, the Federal Reserve has decided to keep interest rates high for longer, limiting the market’s ability to invest more aggressively…”
“But that was expected: the market has already largely priced it in and responded positively to getting what it expected.”
“I recognize that more money has left Bitcoin ETFs this week, and allow myself to be honest and say: that sucks.”
“But I have to compare the bad with the good, thereby acknowledging that the outflow is coming from the Grayscale ETF because their fees are too high.”
“The other ETFs continue to see net positive inflows, indicating continued interest from the broader market.”
“Things could go lower, they could go higher – one thing is for sure, right now we are still in a general uptrend.”
Breathe deeply. Breathe out deeply.
Namaste.