It feels like a BTC confidence crash not a price one.
For vibe-memecoins like BTC, price is the product and the lower the price goes the weaker the belief in it's SoV story.
The current dump is especially painful as many believed $58k was the bottom and failure to retrace while AI stocks bounce backed hurt badly.
So BTC continues to dump without significant dip buyers who end up buying AI crash than crypto.
Obviously, if BTC drops significantly lower the dip buyers will appear chasing a bounce back.
But those might be short-term traders instead of buying for long-term hold.
Previously, on dips like this CT would be full with bull-posters sharing their sound-money thesis with perhaps too delusional takes. They lifted the spirits.
Now it's All Quiet on the Western Front
Based from ppl I talk to and on sentiment on X, BTC simply isn't as exciting as it used to be.
Previously BTC maxis are selling some BTC for ZEC or even PRL as a hedge if BTC fails.
BTC FAILURE WAS NOT AN OPTION FOR OG MAXIS! That is the confidence shake up I feel.
And with ETFs BTC is becoming like a 'boomer' coin but without boomers actually significantly allocating to it (judging from ETF flows).
Worrying are stablecoin outflows, MSTR excluded from MSCI. The lower the BTC goes, the stronger the MSTR FUD will get.
I'd say the confidence crisis is more applicable to BTC as alts are holding surprisingly well vs BTC. The pet-rock just drags everything down.
Crypto still has a long road of adoption ahead of us: don't forget about recent HYPE and AVAX partnerships.
But these partnerships have little to do with BTC as BTC isn't a great trade for overall crypto adoption anymore.
So I wish other alts stopped trading with BTC on the way down as well.
Hope I'm wrong and my bearish bias is talking here and X algo just fails to show bullish posts to me.
Looking for your -non AI- counter arguments in the comments.
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