Things are looking bad right now.
With the ISM falling, no demand for ETH ETFs, and VCs hesitant, the market environment is not good right now. But that’s how markets repair. When everyone is panicking, it usually means we are closer to the bottom than we think.
Of course, there are pessimistic data points, but there are also many reasons to be bullish. L2 is strong (especially Base), social platforms like Farcaster and OpenSocial are growing, and leverage is being cleared. Although the market heat is down, key areas remain active.
Regulation is a mess, and the SEC is squeezing the entire industry. We need to see a shift in US regulatory attitudes, or a change in leadership, to stop the market from bleeding further. Crypto-friendly regulation may be a bullish trigger. Until then, the pressure remains. But remember, even if the Democrats win the election, they may need to turn on the "printing press" again to deliver on all their promises. And in this printing environment, Bitcoin is the best asset.
At the end of the day, markets don't move in a straight line. We are in that chaotic phase where emotions are shaky, and that's normal. Stay focused, pay attention to the data, and don't be affected by the noise.
