Espresso 2.0 : Onchain Data Snapshot & Market Update
by Ben Lilly
Herding Burritos
"Fomo got me good, again.
I was having these restless dreams that I'm in a distant future time called 2024, and the next election is underway with Rodney Dangerfield as the Republican candidate.
BTC is at $1 million and my few remaining friends are all giving me the worst roast I ever received for sitting at the computer every day in December 2020.
Having money in my account and my finger on the mouse for days... and never buying BTC when it was only $27,000 because I was thinking it would go down was the punch line of the roast.
The dips never came. And by the time I did buy in I had a handful of satoshi as it went hyperbolic to $100,000 in a matter of days.
At 3:00 am I decide to get up and lock in my final answer for fear of this futuristic vision... "Buy at Market Price".
Blurry vision, half asleep, and restless, price climbs to $28,260. Woohoo!
Feelings of victory begin to place me into a comatose. I go back to bed expecting to wake up to a $30,000 BTC price. Instead, I wake up ten minutes later to a price of $27,050.
I figured I dreamed it all up. In my hazy state I fall back to sleep... before I knew it i was flying a pizza pie UFO herding burritos.
They say fortune favors the brave... and not much separates the foolish from the courageous. What will I be? Time will tell.
Now it's just a waiting game to see if Rodney wins in 2024. "
The above quote was a message I received earlier this week.
crypto markets can play games with your brain.
The above quote is helpful in explaining why I mention to friends and family that if you put money into crypto, the market might drop 50%.
After they shudder in fear I ask will you be able to sleep? If they answer no, I reply with: you're putting too much money into crypto then.
Find the amount that allows you sleep comfortably. Once you find it, you’ll worry less about the charts.
Consider trying that yourself, otherwise you might find yourself in a pizza pie UFO.
Market Update
Tether printed $200 million USDT yesterday.
Historically each print tends to result in bullish price action. If you don’t believe me, pull up the market cap of USDT over time and overlay a BTC price chart from March 2020 to now.
The two are almost in lockstep. I’d put a chart here, but I’m on my mobile writing this.
Now, the USDT hasn’t moved yet. Once it does we’ll get a better idea if BTC, ETH, or alts will get the call. For now it’s a bit of a wait and see.
Markets are still overextended, but Tether prints tend to ignore this bearish argument. Tether prints are like the Honey Badger of the markets. It doesn’t care what you think.
One thing to note, we have seen new Tether prints get destroyed shortly after it’s freshly minted. So the mere fact USDT was created isn’t a “tell” in the market. It matters what wallet it gets sent to.
Otherwise there wasn’t much happening outside a few minor pumps in alts, ETH breaching $700, COVER getting an exploit, and XRP continuing its rout.
Jarvis Risk meter has gone downfrom 97/100 to 91/100 now. Indicates a bit of a cool off from the fomo traders getting in from past week. Trade safely.
Never a dull moment.
Your pulse on crypto,
B. Lilly
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