1/6 During yesterday& #39;s mini-dip, I saw unrest in my feed & some people were pinging me if I was still bullish on #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">

To me this was nothing but another shake-out of weak hands and leverage, while nothing changed regarding the big picture https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤷‍♂️" title="Achselzuckender Mann" aria-label="Emoji: Achselzuckender Mann">

A short https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread"> on (not) getting rekt

2/6 So, what happened?

Simple: as soon as #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> set a new local high and dipped a bit, there was a steep uptick in people aping in long on leverage again https://abs.twimg.com/emoji/v2/... draggable="false" alt="🦍" title="Gorilla" aria-label="Emoji: Gorilla">

As always, this is a recipe for getting rekt - which is exactly what happened a few hours later https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤦" title="Person schlägt sich die Hand vors Gesicht" aria-label="Emoji: Person schlägt sich die Hand vors Gesicht">

3/6 Meanwhile, there were large stablecoin inflows to exchanges and large #bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> outflows from OTC desks - both signs that there is some serious dip buying going on

"Thanks for the liquidity, (rekt) apes!" https://abs.twimg.com/emoji/v2/... draggable="false" alt="🐳" title="Wasserspeiender Wal" aria-label="Emoji: Wasserspeiender Wal">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🎩" title="Zylinder" aria-label="Emoji: Zylinder">

4/6 During this dip, the average coin dormancy decreased (a bit), which means that relatively young coins made up an increasingly large part of the on-chain volume

Another sign that it was particularly the less experienced market participants that were triggered by the dip

5/6 The irony is that if you zoom out (even just a little bit), none of this was a big deal at all https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤏" title="Kneifende Hand" aria-label="Emoji: Kneifende Hand">

Unless you& #39;re an experienced, professional trader that consciously chooses to trade small timeframes: zoom out & slow down (lower your time preference)

6/6 That is why I am personally not looking at intra-day charts and on-chain flows but particularly focus on the larger (4-year) market cycle

If you& #39;re curious about my current thoughts on the bigger picture and why I am not worried, this https://abs.twimg.com/emoji/v2/... draggable="false" alt="🎩" title="Zylinder" aria-label="Emoji: Zylinder"> might help: https://twitter.com/dilutionproof/status/1390994566686314496">https://twitter.com/dilutionp...