The Biggest Dip of 2021

Happy Wednesday, Blockfolians

The Lede

Holy Hell.

What a ride today was. Bitcoin down 30%. ETH down 40%. Alts hemorrhaging. Newbies freaking out. Exchanges down.

But then something started happening. The long-termers came in and started buying. All of a sudden BTC was only down 9%. The biggest outflow from exchanges in BTC history happened. Some amount of calm returned.

Now the question is what happens next:

What do you think?

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Highly Relevant Reading

  • DeFi liquidations up 14x in the dip

  • OCC, Fed, and FDIC exploring a crypto regulatory working group

  • Is Instagram building an NFT platform?

  • BlockFi accidentally sent users millions in BTC


Community Commentary

What’s the future of the corporate treasury narrative?
What do you think? Less correlation going forward?

A Really Big Number We Should Be Paying Attention To

$500,000

That (continues to be) Cathie Wood’s BTC price target. Don’t freak out.


Final Thought

Look on the brightside