With the excitement of the Bitcoin ETF launch behind us, I thought it would be a good time to reflect on the bull market so far and share some of my thoughts. I am also tired of the ETF launch and narrative, it is a relief that it is finally over.
I think crypto twitter was divided whether it would be a buy the news or a sell the news event, but in the end, it looked like people were taking some profits and the liquidation of the Grayscale bagholders turned it into a more selling event when we finally got a decent sized dip which I think was just around 14%. Still nothing so huge yet. Very interestingly we also got a nice ETH pump, so maybe people are now betting on the ETH ETF, or it could just be just people rotating out of SOL as it has also dropped a little. After such a run-up, it is sure healthy for both Bitcoin and SOL to have a pullback.
After a great year for Bitcoin, I was thinking it would be a buy the news event and we might see another god candle, but even with the dip it could be a buy the news event and a chance to get some cheap sats.
Bitcoin
The first thing I have learnt so far in this market is that with alts being crushed, it seems Bitcoin dominance is very important each cycle and with its ability to hold value against other cryptos and alts. Therefore, does it make sense to hold more Bitcoin than alts?
Old News
The other thing is that so far, the bull market likes shiney new things and narratives of future possibilities. Therefore, if you have a token that was around in the last bull market without any development, it hasn't really done anything so far. To continue to believe in these tokens requires plenty of hopium.
Time To Change
Even if you have missed out on some of the early hyped tokens, there is still plenty of time to swap your bag about and find something that is more likely to give some returns.
Getting Excited
Bull markets are fun times and it is easy to get wrapped up in the excitement and not stick to your goals or plan. Therefore, I have tried to make sure that I try and keep my feet on the ground and do not believe the hype and high expectations of every token or project.
ETH Fees
ETH fees still suck and there are plenty of probably good projects that are failing because they decide to use ETH. With the rise of Solana, the market is signalling it wants lower fees to transact. It will be interesting to see how this will affect ETH in the rest of this cycle. Not only that, Metamask sucks and there are so many scams focused on ETH.
Staying Focused
With lots of news and hype flying around, it can be tempting to try and get in on every possible future great token. This might be a successful strategy if you think of it as a numbers game, but it is a lot of work and hard to monitor and manage. I have found it better to be focused in just a couple of areas and follow things more closely that you are interested in and back something you have a conviction on than taking a scatter-gun approach.
Distractions
Staying with focus, I also see there are lots of projects and tokens being hyped and offering crumbs which can distract you from where your focus should be. The focus should be to be ignoring picking up crumbs when there are better returns on offer and to use your time as productively as possible.
Summary
We still have another 2 years of this bull market and it is important to try and play it right. I am sure this is what we try to do each time and increase our bag more than since the last time.
This is why I try to keep learning and having the best information available. I know some of my weaknesses and am not the smartest person out there, but by being proactive and thinking logically, I try to do the best with what I am given.
Things are always changing and what I thought I knew a year ago is now no longer true and be ready to adapt to changes such as new narratives and ditching my old wrong ideas and habits are important.
What have been your learnings from the bull market so far?
Thanks for reading.
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