02 Jul 2024

Q2 Roundup - The Death of HODLing?

Q2 was red for alts, but exciting nonetheless with airdrop drama, token proliferation, and a memecoin vacuum. We review the quarter and consider how it has solidified our view on how altcoin traders should adjust to a new market regime.
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  • Q2 gave us a significant pullback in the alt market. Altcoins mostly bled out while BTC and ETH spent a lot of time chopping after their own pullbacks.
  • A spot ETH ETF narrative offers hope for a reversal. If ETH can rally on the back of positive developments in the ETF story, we could see a significant wealth effect for alts.
  • Q2 saw a memecoin vacuum that siphoned liquidity from other narratives, as well as growing resentment towards VC-backed projects amidst airdrop drama. We see memecoin popularity growing as the year progresses, but crypto tech is not entirely dead.
  • Altcoin trading is becoming more difficult and we consider some ways that traders must adjust to this new regime.
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