i tend to be a perpetual optimist and i'm generally careful about tweeting bearish stuff

but i do not think we're out of the woods yet

$BTC proceeded to dump 21% a week after the Bybit hack in Feb 2025 (~23% two weeks after)

the Binance hack is far bigger, both in scale and significance

as much as i would like to believe it is over, historical precedents make me lean towards believing it is not

this reminds me of 10/10, where everyone thought the bottom would be in ASAP after such a massive flush, only for us to go through one of the worst crypto winters the industry has experienced in a long time, both in scale and duration

while i do think this incident creates THE local bottom before the real face-melting run we've all been waiting for (i think cycle lows were already in back in June!)

it's hard to imagine things getting much worse, and i don't think this is going to be as bad as 10/10

but i also don't think this is going to play out in a day, as many would like you to believe right now

the best move for now is to preserve capital IMO!