📢📢 ALWAYS REMEMBER THIS
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Alts massive rally always starts with ETH, so until and unless ETH makes a new ATH, Altseason won't start.
Here are some reasons behind the alts flash crash 👇🏼
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In the past 24 hours, several large caps have dumped 15%–20% despite Bitcoin's 3% corrections.
1) No new narrative
In Q1, memecoins pumped because of presale hype.
In Q2, RWA coins pumped because of BlackRock. But right now, there's no such narrative that is bringing new liquidity.
2) ETH ETF trading delay
Despite the ETH ETF getting approved a month ago, trading hasn't even started yet.
It could take another 3 weeks before the trading starts, which has caused the sentiment to shift from alts.
3) Too much greed
Celebrities are launching their memecoins and they are posting their Solana tattoo images.
Retailers are posting their million dollar memecoin P&L screenshots.
All these are signs of greed, which has always resulted in a crash.
🗓️ So, when will the market recover?
Alts recovery is now mostly dependent on ETH. If the ETH ETF is able to bring in good inflows, just like BTC, the next altseason will start.
This could even lead to institutions applying for other altcoins ETF, which will set the next big narrative.
Until then, most alts are in completely oversold territory, and historically, buying fear has always yielded great returns. 🔥🔥
*This is not investment advice. Please #DYOR* before opening any trade.