I constantly update my views and unfortunately it looks like there’s going to be more pain in DeFi. Originally I thought we won’t see a 80-90% crash which is typical of alts because of the level of sophistication of DeFi investors but that thesis is being invalidated.

Either way I maintain the view that the best time to scale back in is after a couple months of boring flat price action.

Last week I thought Yfi and Aave had capitulated but they are making new lows. Snx never entered capitulation phase. Uni continues to bleed due to supply issuance. I only really look at these 4 because wealth effect and sentiment will bleed into everything else.