Written by: TechFlow
In 2022, trader GCR's funds grew from $100 to $100 million, making him one of the most profitable traders of all time by shorting LUNA.
Today, GC published a series of latest views on the market in a Telegram group, once again turning into a big short and bearish on the market. TechFlow has compiled a series of views to share with you.
1. GCR bearish market
GCR said that if you don't have an edge, it's already a few months late to sell now. Although there are still opportunities in the market, ETH and SOL have reached their cycle peaks. Market fatigue is evident, trading volume is reduced, buyers are dissipating, Blackrock's ETF fund outflows continue to decrease (PS: I don't know if it should be said that funds are inflows), and it is recommended to study March 2022.
2.ETH is swallowed by L2, and a large number of new altcoins are issued
One group member questioned this, saying that "the stock market is rising and there is an election going on, so he decided to stay long."
GCR responded that updating beliefs is necessary to trade profitably in the market, and that ETH as L1 is being eaten away by its own L2. SOL is being swallowed up by the dilution of memecoin, and through pump.fun and other means, there is almost no new altcoin capital inflow, but thousands of new altcoins are created every day.
3. In 2025, the probability of ETH ETF approval is 10%
Someone asked GCR about his opinion on the Ethereum ETF, and GCR said:
Previously, he predicted a 95% probability of approval by 2025, but due to Ethereum’s poor performance and failure to break its all-time high (ATH) in this cycle, coupled with the fact that institutional demand is already weakening (Blockrock will wait more than 3 years before executing their RWA plan, and their strategy is still unknown), he now lowers the probability of approval to 10%.
4. A large number of MEME tokens will be slaughtered
Someone asked GCR about its views on memecoins. GCR predicted that most currencies will be slaughtered. The prices of the new generation of memecoins are mainly supported by trading volume (the same players are trading). There is very little on-chain liquidity, which means that capitulation will be much faster than previous cycles.
The Solana ecosystem could break first, followed by Ethereum. We are already seeing the first signs of weakness in “blue chip” memecoins like WIF.
He said it’s nearly impossible to make a meaningful short position on most of these coins, but he doesn’t want to be holding them when the first card falls and the last round of on-chain hypergambling is about to end.
Of course, the above is just GCR’s personal opinion. The market is difficult to predict, DYOR.
