The market doesn’t have to make sense

There’s a quote I heard recently on a Multicoin Capital call: “𝘛𝘩𝘦 𝘮𝘢𝘳𝘬𝘦𝘵 𝘤𝘢𝘯 𝘴𝘵𝘢𝘺 𝘪𝘳𝘳𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘭𝘰𝘯𝘨𝘦𝘳 𝘵𝘩𝘢𝘯 𝘺𝘰𝘶 𝘤𝘢𝘯 𝘴𝘵𝘢𝘺 𝘴𝘰𝘭𝘷𝘦𝘯𝘵.”

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I’ve heard variations of it before, but it hit differently this time, because right now, the crypto market makes absolutely no sense. Everyone I talk to in crypto is confused.

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On paper, everything seemed to be lining up:

📌Regulatory clarity in the US
📌Interest rates coming down
📌End-of-cycle optimism building
📌Big  digital asset treasury companies increasing their exposure

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Capital inflows from ETFs. Banks worrying about their stablecoin strategy.
All seemed lined up for a strong finish to the year.

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Instead, we’re watching some of the biggest liquidations in crypto history, and people keep asking me why this is happening.

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The honest answer? I have no idea.

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I do have some theories which don’t even mean that much to me, and that’s exactly the point.

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Markets don’t move because the story makes sense. They don’t reward good logic or perfect setups. At least in the short term.

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They move however they want… for longer than any of us expect.

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This is a reminder to stay humble, and never assume you’re “owed” a certain outcome.

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