In a lot of conversations I have had people seem to miss this fundamental market sentiment . Be it doge or shiba this doesn’t change. Bitcoin as an SOV Narrative Main question: Are long term holders selling. Answer: No. Selling pressure has pre-dominantly come from addresses younger than 3 months. Speculators are getting washed out. Even if you are a bear and expect the next winter to commence: Watch out. Nearly every first break-down is followed by a 70-200% recoil rally retesting the highs. "Buy when there's blood on the streets, even if it's your own." We went from Extreme Greed to Extreme Fear in a heart beat. Both are irrational. Both lead to emotional mis-pricings. Historically going long during Extreme Fear paid handsomely. How’s the Market Structure? This sell-off, while having many catalysts, was largely driven by liquidations. We saw historic exchange liquidations with as much as $8bn wiped out in a single day on May 19th. This was further validated by the insane stat that May composed 7 of the 10 biggest on-chain liquidation days in DeFi history. Most of the selling that went down in May was not voluntary. It was forced selling, because apes aped. #apestagecapitalism With funding rates reset to normal levels or even negative, it's safe to say that the leverage has been flushed out. The market can stay irrational longer than you can stay solvent, but as long as you stick to spot investments there is no deadline to your solvency. Downside volatility is a necessary evil that comes with the beauty of upside volatility, and it will continue to express itself radically fast as long as the crypto market offers highly levered products such as 100-1 leveraged futures contracts. While the short term will be determined by market participants, fundamentals, technicals, sentiment as well as market structure suggest to us that we are at or near the bottom of this short to medium term correction. Blood was spilled, but it’s time to buy. #buybitcoin #moneyasaninstrumentofchange #BitcoinIsAStoreOfValue #keralabitcoinism https://www.instagram.com/p/CPmkikxJhGN/?utm_medium=tumblr