Replying to Avatar chancellor

What do you use to arrive at this conclusion? I don't disagree, I'm just curious where the confidence comes from that this isn't related to Grayscale outflows.
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plebiANON 1y ago

I just generally track the shitcoins, mainly ETH, relative to BTC. When there is high directional correlation, but an outperformance of shitcoins to BTC, I assume it’s traders getting leverage to trade the whole cRyPtO market, but moving the largest market cap less. Then I look back to see what that started. This makes even more sense as there is only a Bitcoin ETF stimulating demand for one asset. The coattail riding isn’t coming from ETF buyers.

It’s very scientific, and you should base your financial decisions on my analysis.

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plebiANON 1y ago

*when that started

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chancellor 1y ago

😂 very scientific indeed. I'll sell all of my available dollars for BTC right now.

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plebiANON 1y ago

That is the only sound financial advice I can offer.

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chancellor 1y ago

It's too late, I don't have many doll hairs left

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plebiANON 1y ago

Welcome to the club. Proud to be a member myself.

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Deleted Account 1y ago

Doll hairs? 🤣

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plebiANON 1y ago

Also, if you look at the ETH/BTC chart and go back to 2/11 and 2/12, that was the last local bottom, and that exact same .051 ratio is being vigorously defended three times today. BTC was $49k then and is around $62k when that peg gets defended. Exact same ratio, 27% price jump.

In the end, it means nothing, it’s stupid short term games, but for a dork like me, I find it entertaining for some reason.

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chancellor 1y ago

Yeah I had been holding ETH that I foolishly bought back in 2020. Sold it over $4000 recently. Glad to be rid of it. Got super lucky on that one. Ashamed and disgusted with myself. 😓

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plebiANON 1y ago

I had a shitcoin phase as well. Definite shame. However, now I just look at it as a proxy to determine when there is actual adoption buying of just Bitcoin vs traders just moving the whole cRyPtO market up and down based on news, the Fed, etc.