Fortunately, it's impossible for this exact cycle to recur in any other, perhaps larger, token.
4lex
4lex13.8. klo 04.16
1. Everyone and their mom launches an ETH treasury company. 2. Every treasuryco buys ETH. 3. ETH jams higher. 4. A high profile ETHco offering bellyflops. ETH has a 15% dd that’s way out of whack with other coins, QQQ 5. Now a bunch of new ETHcos are trading at 10%+ discounts to mNAV. 6. All of them sell ETH to “arbitrage their mNAV” 7. ETH craters another 20% as bid-side liquidity evaporates. 8. Oops, now our discount to mNAV is an even bigger arb opp! Let’s sell more of our ETH! …
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