1/ As $BTC / $ETH passed $40K /$1.2K yesterday (>2x under a month), I sat there thinking about the upcoming quarters and how it may turn out.

I came across a few posts which I found immensely thought-provoking by @cburniske @RaoulGMI @DegenSpartan (see below):

2/
https://t.co/xztuB0Tfd5
https://t.co/670x6ErykB
https://t.co/1xEba2Usjk

I think the general CT community / retail are super bullish on crypto in general right now and rightfully so. The narratives I hear are: 1) Institutions are coming in, 2) money printing goes brrrr and

3/ 3) US gov transition is +ve for crypto.

While I agree in general with these 3 narratives, I want to also be mindful of time horizons of those narratives and the scale / magnitude / speed of which those play out.

4/ 1st - let's look at @cburniske post on the concerns of the over-frothy sentiment in the last several weeks in crypto. I share that same concern and try to balance this out ongoingly with Wall Street's famous phrase "climbing the wall of worry".

5/ Crypto is generally a pretty illiquid market (from an institutional perspective), whale traders pump and dump all the time on a day-to-day / week-by-week basis