Arthur Hayes has introduced a new article "The Ugly"

Highlights:
▫️I think we are more likely to go down to $70,000 to $75,000 Bitcoin and then rise to $250k by the end of the year than to continue girding higher with no material pullback

▫️To put a finer point on it, the TRUMP memecoin pump to almost $100 billion in fully diluted value in 24 hours was truly insane. 


TRUMP is a top signal in my mind in the same way that FTX buying umpire logo rights for US Major League Baseball was in the 2021 bull market.


▫️If Bitcoin trades through $110,000 (the level reached during the height of the TRUMP memecoin mania) on strong volume with an expanding perp open interest, then I’ll throw in the towel and buy back risk higher.

