As I said in my tweet above, crypto bear market bottoms are formed when there is a “max pain” of sorts throughout the industry. This usually comes in the form of lots of people getting absolutely obliterated, a cleansing of all the trash projects that pumped during the bull market, a humbling of egos and a feeling of a “reset” across the industry. Though just because a bottom may be formed it doesn’t mean that prices are going to start going back up immediately - it usually takes quite a while for the market to turn bullish again after events such as those we’ve experienced over the last few days.

The craziest thing about the last few days is that what happened to the Terra ecosystem is quite literally unprecedented within crypto - especially at the scale it happened at. Of course, we’ve had other big things blow-up over the years (Mt. Gox, Bitconnect, the March 2020 crash) but never at the scale or speed of LUNA and UST. It’s hard to tell right now, but I think the effects of these last few days are going to be felt for a long time to come - the tens of billions of wealth that has been destroyed in such a short period of time will take a while to recover from.

Obviously I’m still very bullish on Ethereum and ETH - actually even moreso after the Terra collapse - but unfortunately it is not immune to broader crypto market movements. I do think ETH will fair better in the recovery and that many of the most popular 2020/21/22 era tokens won’t ever see their all time highs again (or even close to them). Ethereum will also keep shipping its major upgrades regardless of market movements - The Merge, sharding, layer 2’s - all of this is still going to launch and continue to be worked on.

As I said in my tweet above, crypto bear market bottoms are formed when there is a “max pain” of sorts throughout the industry. This usually comes in the form of lots of people getting absolutely obliterated, a cleansing of all the trash projects that pumped during the bull market, a humbling of egos and a feeling of a “reset” across the industry. Though just because a bottom may be formed it doesn’t mean that prices are going to start going back up immediately - it usually takes quite a while for the market to turn bullish again after events such as those we’ve experienced over the last few days.

The craziest thing about the last few days is that what happened to the Terra ecosystem is quite literally unprecedented within crypto - especially at the scale it happened at. Of course, we’ve had other big things blow-up over the years (Mt. Gox, Bitconnect, the March 2020 crash) but never at the scale or speed of LUNA and UST. It’s hard to tell right now, but I think the effects of these last few days are going to be felt for a long time to come - the tens of billions of wealth that has been destroyed in such a short period of time will take a while to recover from.

Obviously I’m still very bullish on Ethereum and ETH - actually even moreso after the Terra collapse - but unfortunately it is not immune to broader crypto market movements. I do think ETH will fair better in the recovery and that many of the most popular 2020/21/22 era tokens won’t ever see their all time highs again (or even close to them). Ethereum will also keep shipping its major upgrades regardless of market movements - The Merge, sharding, layer 2’s - all of this is still going to launch and continue to be worked on.