Think we are in the last inning of this extended cycle that started from Jan 2023 - I don't expect these phases to last more than a couple of months. Every marginal buyer in the world has to some extent capitulated and bought crypto, with both $BTC and $ETH now tagging all time highs.

My HTF ETHBTC target of 0.04 has also been reached, signalling to me that the ETH trade is effectively over.

What this means to me, is that I will no longer be playing offense - no more large size martingales on momentum, with a focus on capital preservation as opposed to capital accumulation. It is quite likely I miss the crazy moves that may yet happen, but that's okay because they don't fit in my system.

This does not mean I've sold everything and flipped short (on the contrary I'm still long), but with much lower nets. I look to DAT mNAVs as the indicator for when to aggressively step back into the market, and I expect majority of DATs to be trading under 1 mNAV by the time this is all over.

We've had a good run, an