Newsletter #334 - In Spot, Still Down Bad

Hey Shitcoiners,

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We thought last week was rough but this last seven days really took the cake. Bitcoin has crashed to below $80k. Alts have tanked. It’s a bloodbath out there. But alas, we keep moving. To keep the spirits high, there is no better way to kick off this week’s newsletter off than with some self-deprecating comedy.

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This is probably not the time to be playing around with leverage, unless you know exactly what you’re doing. Here is a depiction of those who are “comfy in spot”.

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You once viewed yourself as a god amongst men. Now you feel a little different.

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We will just leave this here.

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We know some of you love charts and the Wall Street Cheat Sheet always delivers. Taiki put a fresh spin on it.

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Those lines on the chart won’t help us now!

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We want to take a second to go back to just over ten days ago. The Bitcoin price was sitting at around $96k, many felt like another run above $100k was brewing but then, ETH started pumping. It all pointed to something catastrophic in the near future.

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That tweet turned out to be prophetic. Bybit were the victims of a $1.5 billion heist.

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Ben, the CEO of Bybit was quick to share live updates.

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As the postmortem began, we received news about how it might have happened.

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CT loves a livestream!

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But some men just want one thing and it’s disgusting.

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Many rushed to get their funds out of the exchange. They were managing to plug the hole.

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$1.5 billion sounds like a lot of money (and it is) but to put things into perspective, that was only 8.64% of what ByBit had.

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Jmo wasn’t worried about his degen fund.

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And can you really be bearish with a Mongolian warlord at the helm?

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The gap was closed!

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Attention turned to who the attacker was. Was North Korea now the 14th largest ETH holder in the world?

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We can’t let this happen to them.

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What if?

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Imagine being bullish on Thorchain volume when it just helped launder hundreds of millions of dollars. NGMI.

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In the heat of the attack, this post was allegedly made by Ben. This remains unverified.

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But there might have been something in it. ByBit’s forensic report pointed to SAFE’s servers being compromised. Yikes.

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Ho Lee Sheet.

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We can’t trust anything now.

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While the world was burning around us, many were in Denver. Taiki wondered about the vibes.

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Allegedly there weren’t any.

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Is it time to pivot?

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Ethereum holders will do anything at this point.

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But hey, Hayden thinks you should be grateful. Ethereum has a $300b market cap and hasn’t moved in over a year while everything else pumped to infinity.

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Ethereum is a chain of opportunity. You can sit around, be called out for doing nothing and still get that role as President!

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Vitalik, you know what to do.

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Vitalik won’t email EF employees and in a weird twist, we have heard that SBF wouldn’t either. He has not been able to check his emails for the past few hundred days.

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This industry if the gift that keeps on giving.

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We hate it too.

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Su Zhu is another fallen hero of bull markets of the past. He has been trying to get back in the game with his memecoin casino. News broke this week that things may not be looking that great.

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RIP.

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He had one chance and he blew it.

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Memecoin traders are in a bit of a pickle. When the largest assets start to tank, the memes usually go down even harder. The MELANIA pump died in the end and some are having to swallow their losses.

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Do you remember this guy? So much has been going on we forgot who he was.

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We are tired.

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While you have been playing around with assets on chain for years, CZ is only just starting to experiment. He had never used a DEX before.

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But he is one of the few people that can pump a Euro stablecoin. Throw some respect on his name.

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We take a break to ask you to remember all that Roger has done for the space. Show your support on freerogernow.org.

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This has been a bit of a depressing read so far, so let us lighten the mood as we wrap this up. This is not financial advice but we will take anything we can get.

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As many of you sit in the trenches remember that there are market participants who don’t care about your dogshit memecoins.

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And finally, this is the perfect time to zoom out.

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See you next week!

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Team Shitcoin.com