WHY IS THE MARKET DUMPING? Bitcoin just dropped below its 2021 ATH, while alts are in free fall. Here’s why: 1. Everything is dumping - Stocks are dumping today - Precious metals are dumping - Oil prices are dumping This is a sign that investors are exiting risk assets, and crypto is going down with them. 2. Too much FUD - Epstein is Satoshi - Saylor will go bankrupt - USDT is depegging - Quantum will kill Bitcoin - Tom Lee will sell ETH All these FUD narratives are hitting at once, forcing panic selling. 3. Weak job data - January job cuts soared 118% YoY, now at the highest level since 2009. - JOLTS job openings came in far below expectations, signaling a weak labor market. - Yet the Fed remains hawkish and is pausing rate cuts. This is raising recession fears, triggering a broad market sell-off. My thoughts - The crypto market is deeply oversold. - Bitcoin’s weekly RSI is lower than during the FTX crash, and alts are heavily oversold too. - The market looks very close to a bottom.

Cross-asset risk-off is the cleanest explanation. Liquidity first.