Where have I been?
So firstly let me just say, apologies for not writing a newsletter for the past 2/3 months I have been heavily focused on running a VC, setting up early stage investments and just generally focused on the more macro aspects of my life. I have recently just purchased my first piece of real estate with cash so that has been a pretty big thing that I have been sorting out for the past few weeks.
I have also just launched my own project with an insane development team, over at MetaFramed where we will be building a brand new platform for NFT collections and digital galleries. MetaFramed will allow anyone to find a NFT artist or collection with a single twitter handle, no more stupid ETH addresses and trying to find collections. We will also be doing a NFT airdrop in the coming few weeks so follow the twitter.
(Platform is completely free to use, I’m funding everything myself <3)
In more relevant news, newsletters are going to be coming back, there will be newsletter every single Friday afternoon from here on forward. Thank you for being patient with me and sorry for not having the time over the past two months.
Market Breakdown
Well first off, it happened we finally hit $3000 on Ethereum, which as you can see below was our most read and more viewed newsletter. I know a lot of people thought it would be pretty hard for Ethereum to hit this figure in this cycle but honestly ETH has been super heavily undervalued and so many money is flowing into so many different aspects of the chain, it was a pretty conservative projection. Congratulations to everyone who has been holding and following the newsletters for the past 14 months, we finally made it and it feels so fucking good to help people make some huge returns.
Only back in October we was talking about ETH at $3000 and price was only around $800/900 if I remember correctly, and just a few months before than price was sub $500 which is just crazy to think about. So right now price is around $3500 and I think a lot of people are pretty uncertain of where price could be heading next, so I think it would be a very good idea to write a little small intro post to just cover my thoughts and opinions just as a little warm up before we come back next week with our first official newsletter for Q2 of 2021.
So first off import to say that I have been closing out my Ethereum position slowly, I still have a large position but I have been scaling out every few weeks for the past few months, and my cash position has been growing at a pretty staggering rate. Why? Because I know the marketing is going to get heavily volatile over the coming few weeks and I think June could be a pretty down month for a majority of the market, I will be looking to rebuy a ton of my position once we see some large selloff’s. Until then the market will keep moving higher and I will keep scaling out slowly each week.
It’s hard to be pushing the ‘buy’ narrative when the market is up this much over the past 12 months, buying into this current PA in the macro is just a generally a bad idea right now for a more conservative risk profile. I think if you fast forward 8 months from here, I think selling now is likely the better move instead of buying, but that is my personal opinion and everyone should have their own exit strategy for this cycle.
In terms of the LTF trend right now, bulls still have complete control over the market right now and I think we will see price tap of reach $4000 pretty soon likely before end of the month before we possibly see some large positions selloff. Bulls generally still have the majority of control over the market right now and looking at the on-chain data it seems most of the cold storage wallets that are holding a significant amount of tokens are still not moving and exchanges are still seeing a massive amount of funds being pulled off exchanges, which is a major sign that holders have no intention of selling. Taking this all into account, I think in this part of the cycle it all comes down to risk profile and sticking to your exit strategy that you have had planned for the past 2 years, its important to remember the price does not just move in one direction.
Hope everyone enjoyed this little newsletter as a introduction before we start back these weekly newsletters next week. Please go and give MetaFramed a follow there will be some airdrops for out first community members. I look forward to seeing everyone next Friday for our first newsletter back in Q2. Lets Fucking go!
Thanks cactus.its really appreciated.
Good read.and you do an awesome job
L
Really like your work.
I always enjoy reading your newsletters! Thanks for sharing!