Reasons why the crypto market is weak (and underperforming equities) - and how things could change: • There is a bit of a DAT unwind going on for BTC and ETH - some DATs are trying to protect their NAV (still contained for now, odds of the big ones selling like MSTR is extremely low), but it's putting some pressure on the market • ETF demand has dried up (been net outflows for the past few weeks) • The big one: October 10th did a lot of damage on a few fronts. - Psychologically: It's a bad look for crypto and was the nail in the coffin after already underperforming equities for weeks - Materially: MMs are still unwinding. I don't think we fully understand the extent of the damage - Retail capitulation: Retail don't give a f*ck about crypto right now, and for good reason (price action has challenged even the most mentally resolute traders) - when you combine unwinding with a lack of demand, it's of no surprise that price is going down The good news is, there's one thing that can change this entire dynamic: A proper BTC pump. Even in August, we saw BTC/ETH pumping completely flip sentiment on its head. You might ask: "But WHY would BTC pump?" Well, it doesn't really need a reason. It's Bitcoin. It's traded like a macro asset the entire cycle, and equities have been making new highs; a catch-up at some point wouldn't surprise me. Are the majority of gains already in? Yes. But could it go on one last run to new highs? Also yes. Imo the best use of your time right now is on research whilst the market is slow. There are many interesting verticals (x402, agents, robotics, RWA, prediction markets) which will probably lead when the market improves. Your job during this period is to spot dislocations/asymmetries (join Telegrams, Discords, listen to AMAs, make a project research list). Most people are too complacent/fed up bother right now. Their loss. This is where the biggest opportunities are born.(Miles Deutscher)