Its funny how everyone during the last bull market were saying: “I would pay to buy BTC under $20k“ but most of them left when we were not even halfway there.

While thinking back to one of my own best or most “euphoric“ moments in Crypto, it would certainly be the end of 2021, where we just seemed to be back on a rally after the China mining ban caused a crash before and this coupled with the Futures ETF releasing made up one of the most euphoric phases in Crypto as nearly everyone was expectant something like $100 by End of Year.

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From my TradingView, close-up of Nov 2021

But this was not, we obviously also had occasional drops like when we reached the ATH at $64k and dropped for a week below, there was no drop in sentiment though. People were still euphoric but some had regret that they did not buy more or did not enter Crypto early, their famous phrase often was: “I would buy BTC below $20k in a heartbeat“.

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Trading Volume chart from Blockchain .com site

Well, here we are and we can say that most of those that really wanted us to go lower so that they could buy the “dip“ had already left us a long while ago. On this chart we can also pretty well see how the trading volume has been decreasing as we dropped lower, this may be one of the closest ways to identify how many investors leave the markets as there is no “user“ metric for Crypto.

And I also think that it will be no surprise that exactly those traders will probably FOMO in next time again and say something like “Wish I could have bought below $50k, would buy there in a heartbeat now“, just to paper-hand directly once the bear starts. Guess this just the Cycle of Crypto…