My gut feeling is that crypto natives are selling now because they expect a 1929 style crash.
We're all watching Ray Dalio warn about the Big Cycle ending. We all see AI bubble posts. Watch same unemployment numbers, same WW3 fears etc.
Then S&P doesn't dump. But crypto does. We're selling to each other.
We're just vibe traders, always online, front-running each other.
Being terminally online helped us be early on NFTs, memecoins, AI vibe coding before everyone else.
But it also means we all trade the same direction at the same time.
We FOMO as one and then we panic dump as one.
Like in Pluribus on Apple TV, where a virus turns humanity into a hive mind. Everyone thinks and acts as one.
That's basically us, just a dumber version.
Boomers and institutions don't scroll CT 14 hours a day. They just hold.
ETFs were supposed to bring in different time horizons with different types of holders.
It hasn't happened. Crypto is still retail dominated.
We think we're contrarians. But when every contrarian has the same thesis, that's just consensus.
Maybe next cycle will be different.
