TL; DR
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An increase in risk-taking, mainstream figures getting into crypto, a jump in corporate spending and increased political dialogue indicate that we are approaching the ‘mania’ phase of the bull run.
Full story
Do you know the signs that precede rain?
There’s a smell in the air, the wind starts to pick up and the clouds darken…
This is like the crypto bull run version of that.
There is a “mania” phase in the final leg of every crypto bull run that takes us to the four-year cycle high.
It could take weeks. It could take months.
Either way, when it hits, things (price increase) tend to go crazy.
The symptoms of the mania phase include:
A massive increase in risk-taking, mainstream figures getting into crypto, a jump in crypto-focused spending by companies, and an uptick in political dialogue.
…and we’re starting to see these symptoms emerge:
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Increase in risk taking: volume and active traders just reached an all-time high on crypto betting platform Polymarkets.
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Regular numbers entering crypto: Caitlyn Jenner and Iggy Azalea just launched their own memecoins.
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Companies spend a lot on crypto: we just got back from Consensus 2024 and during the three-day conference enough money was spent on parties to fund ten new projects.
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A revival in political dialogue: After the SEC cleared and approved a slew of Ethereum ETFs, crypto is seen by many on both sides as a potential election issue.
This does not confirm or deny that we are in the mania phase. Looking at the prices, we bet we’re still a long way from that.
But there’s definitely a smell in the air, and the wind is definitely starting to pick up…
