Thank GOD I am OUT
That was what I felt yesterday morning when I sold the last bit of ETH that I held in my mid-term wallet.
Mid-Term wallet = all coins I plan to sell this cycle
I have been buying that Damn Vitalik Memecoin in bits and bobs since SBF F´ED US ALL.
Saved us, I meant saved us all.
Still thankful to the little dude now spending his life in prison so we could buy the real dip.
And ETH did not do as bad as people might think, it´s still up..... 70% over the past year. Big Bro BTC did 130% but he always comes early, they say.
Well let's do a spot-check on a few of my bigger bags YTD:
- My NEAR did 349%
- Render 517%
- LTO 102%
- ROSE 57%
- FTM 75%
And I am not big on TA, I will let other kids do the coloring I prefer to look at the big picture.
The Big picture should tell me that ETH always runs when people lose faith..... which is NOW
Now
I have been silently offloading my ETH into ALTS that seem to have a brighter future ahead since mid-March.
Probably just a bit after it became apparent that the US ETH ETF will not come in 2024. Been moving them into NEAR, AXLR, COTI, STX, and LTO. And I have some set aside to buy SUI after the unlock dip that comes in early June.
For me it felt natural, the ETH bag had basically doubled against my buying price at $1500 and below but it´s not the coin of choice this cycle.
I still expect ALT SZN to start when the ETH Dominance goes up and BTC Dom. drops, but how much will that up really be?
Last cycle BTC & ETH were indeed as peas in a pot, two very stable and robust coins you could not go wrong with.
And then two things happened first ETH became Proof Of Stake (POS), and then Blackrock happened to BTC.
POS looked mighty interesting with the whole deflationary stuff, but it might have been a bridge too far for the SEC.
Now like all of us, I don´t give a poo about the games Gary G. is playing but POS does seem to have put ETH into the black book. They have a reason to cry security.
The Mini Bull Run
So during the March Mini Bull run the signs were becoming clear that we would not have an ETH summer.
The narratives that were singing around, MEME, AI, RWA, and BTC ETF did not even have a relation or correlation with the damn Vitalik Memecoin.
ETH is ETH and Vitalik is planning to keep it as is more or less, which is no good. The market loves bright new shiny things, developments, and unexpected upgrades.
And No ETH ETF
So we have:
- No Big Plans
- No Proof of Work
- No Narratives
- No ETF
Does that look like a coin you want to hold this cycle?
Of course, you might have been hodling ETH for years and love your bag more than you do your mama. But peeps, do not get emotionally attached to virtual thingies.
You might meet Vitalik in your dreams and tell him how much you love ETH and how big your bags are, but seriously are you a fanboy or an investor?
Anyway, let me cut a short story long.
Bikini Bottom Line
The Bottom line is that I called my sell earlier this week during my morning:
When ALTS were down and ETH was holding up nicely for a change.
That same afternoon, Crypto Man Ran from Banter announced the same, the thing is...Ran is more wrong than he is right.
And when I was scrolling through my X, one of my peeps of influence said this...now he is BTC biased but still;
Now that looks like the writing is on the wall, but that is exactly what worries me.
ETH runs, when all capitulate into BTC, and that time is now. That happens every cycle, and I do not believe in the this cycle is different story.
Hence, I might have messed up...if I would have gone into BTC, I might have been able to make more if ETH will run before ALTs do and then swap my ETH for ALTs as is the normal cycle profit process.
But I am a conservative Baby, I am not taking the ETH risk, too many No´s to make me like this coiny. I head into innovative ALTS with a good narrative and wait till winter is coming.
OMG two days later even $TOOKER is on it!
Thank goodness you made it till the end Pees, Love and I am out of here!
[Source Pic](All pics by MYI & AI unless watermarked or mentioned)