The Waiting Is the Hardest Part

We remain patient in the face of this price action.

In fact, it's been many months since we've expressed any bullishness over long time frames.

At heart, we're trend followers. We're not here to stand in the way of the market. Rather, we want to keep our approach simple and ride the ebbs and flows of the tape to make our money.

Unless you're looking at your charts upside down, it's been difficult to ignore what's been happening in this space, be it in recent weeks or over the last year.

In the aftermath of the collapse of FTX, more parties will be exposed. Grayscale refuses to prove its reserves, and WETH has recently lost its trading peg to ETH.

In the parlance of Mr. Buffett, only when the tide goes out do you discover who's been swimming naked.