Something smells different about this crash

People are saying we’re not near a bottom yet because there’s not enough panic in this sub. Fair enough, that’s usually the case.

But combined with this relative “calm” amongst people in the crypto sphere as of yet, what we’re also seeing is altcoins holding the line in an unprecedented way. I thought it was just a few coins like LINK and ADA who were doing well. But I was just made aware of the fact that out of the top 100 on CMC, only 10 and 5 coins have worse performing 7-day metrics than BTC and ETH respectively. Yes, you read that right. In this gigantic downturn, when BTC just broke it’s previous ATH which has never happened before, a time when there should be absolute doubt and panic, only 10 (!!!) coins have a worse 7-day performance than btc. This is unprecedented.

What I’m also reading a lot of, and a good point someone else made whose name I forgot, is that BTC and ETH are crashing because that’s where all the liquidations happen.

I don’t know about you, but BTC could drop another 70%, and so could all my alts, but the time for selling has been long gone, and in fact, even if BTC dropped another 70%, I would be buying. Not BTC, but more alts. Because the ones I have, I have no doubt about their future, so why wouldn’t I? Fucking bargain! It’s kinda funny because earlier I actually caught myself being irritated at LINK because it wasn’t dropping as hard as BTC, preventing me to scoop them up cheaper.

My point is, this crash doesn’t seem to be caused by doubtful panic like all the times before. We know what we have. And we’re not going to part with it. And given all this I just don’t feel that the thesis, that we need this whole sub to panic in order to find a bottom, to hold this time around. I’ve been here since 2013 (I know, anecdotal), but something feels different. I don’t see myself suddenly start panicking if btc drops another 50%, you? The doubt and fear that we had all previous crashes is pretty much gone. This is just shitty liquidations happening, and who knows when they might stop.

Now of course, naysayers might say that this very post is proof of the fact that we’re not near a bottom yet. Fair enough. But that doesn’t change the very different situation we seem to find ourselves in as described above this time around.