some thoughts on where i think we are right now:

onchain ethereum has gotten extremely hot with this whole uniswap v4 hooks meta. unironically feels like they’re bringing ethereum back to life. there’s actual experimentation again, weird products, new ponzis, and it reminds me a lot of early 2020 or early 2023. balls tingling.

there’s obviously still a ton of liquidity rotation, but the appetite is several orders of magnitude bigger than it was a few weeks or months ago. we’re seeing recordlevel onchain activity while majors are still relatively close to their bottoms.

my read is that activity is front running price and if majors dont fuck it up there could be a pretty violent repricing across this entire new meta + robinhood etc soon

this also lines up with a potential top or cooldown in stocks and an eventual rotation into crypto. bottoms are behind us.