Happy Wednesday, Blockfolians

The Lede

Holy Hell.

What a ride today was. Bitcoin down 30%. ETH down 40%. Alts hemorrhaging. Newbies freaking out. Exchanges down.

But then something started happening. The long-termers came in and started buying. All of a sudden BTC was only down 9%. The biggest outflow from exchanges in BTC history happened. Some amount of calm returned.

Now the question is what happens next:

∞ CO฿IE @CryptoCobain

Consider four scenarios:

1. It’s over. Complacency shoulder into bear.

2. Double bubble. Fake bear sideways to October’s second bull.

3. This time its different, turbo rekt. Down only.

4. Supercycle.

Apply probabilistic thinking. Trade accordingly.

The bell curve’s revenge.

May 19th 2021

395 Retweets3,420 Likes

What do you think?

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Community Commentary

What’s the future of the corporate treasury narrative?

Alex Krüger @krugermacro

Environmental concerns, the Elon tantrums and now this 25% intraday crash indicate corporate treasury demand is very likely dead for the time being.

May 19th 2021

5 Retweets202 Likes

What do you think? Less correlation going forward?

Qiao Wang @QwQiao

In a not so distant future people will no longer talk about the “crypto bear market”, but the “BTC bear market”, the “ETH bear market”, the “DeFi bear market”.

People will realize that crypto-SoVs, crypto-commodities, and crypto-equities don’t have to move together.

May 19th 2021

142 Retweets957 Likes

A Really Big Number We Should Be Paying Attention To

$500,000

That (continues to be) Cathie Wood’s BTC price target. Don’t freak out.

Final Thought

Look on the brightside

شتر دیدی؟ ندیدی @arbedout

guess the McDonald’s labor shortage is about to be resolved

May 19th 2021

18 Retweets210 Likes