No, no, not for stocks. To us, the up days feel more like vicious short-covering spasms than real buying. Conversely, the down days seem like a foreboding acknowledgement of the coming trouble emanating from our nation’s capital. The bull market we’re talking about is in crypto.
Last year’s violent declines caused many believers to abandon their dreams of owning a fleet of Aventadors and Huracáns. Now, many of the Lambo-less, Ford Fiesta-driving crypto bandwagoners are dusting off their resumes and mumbling something about grad school or a “real job.” But even if you believe that all crypto is eventually going to zero, such a pervasive amount of dejection filling the air should grab your attention. Indeed, there are enough true believers still lurking out there, waiting to pile back in the moment an exchange, regulator or community makes the right move.
A positive catalyst in January just feels right to us. It also seems to align with Michael Novogratz, who disclosed this week that he purchased an additional C$7,422,918 of his crypto fund, Galaxy Digital Holdings.