Read on Twitter
1/6 During yesterday's mini-dip, I saw unrest in my feed & some people were pinging me if I was still bullish on #Bitcoin 
To me this was nothing but another shake-out of weak hands and leverage, while nothing changed regarding the big picture
A short
on (not) getting rekt
To me this was nothing but another shake-out of weak hands and leverage, while nothing changed regarding the big picture
A short
on (not) getting rekt
2/6 So, what happened?
Simple: as soon as #Bitcoin set a new local high and dipped a bit, there was a steep uptick in people aping in long on leverage again 
As always, this is a recipe for getting rekt - which is exactly what happened a few hours later
Simple: as soon as #Bitcoin
set a new local high and dipped a bit, there was a steep uptick in people aping in long on leverage again As always, this is a recipe for getting rekt - which is exactly what happened a few hours later
3/6 Meanwhile, there were large stablecoin inflows to exchanges and large #bitcoin outflows from OTC desks - both signs that there is some serious dip buying going on
"Thanks for the liquidity, (rekt) apes!"
outflows from OTC desks - both signs that there is some serious dip buying going on"Thanks for the liquidity, (rekt) apes!"
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
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 
Unless you're an experienced, professional trader that consciously chooses to trade small timeframes: zoom out & slow down (lower your time preference)
Unless you'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're curious about my current thoughts on the bigger picture and why I am not worried, this might help: https://twitter.com/dilutionproof/status/1390994566686314496
If you're curious about my current thoughts on the bigger picture and why I am not worried, this
might help: https://twitter.com/dilutionproof/status/1390994566686314496
