Crypto Is Boring AF Right Now
The funny part is that the news isn’t even bad news anymore. There’s just literally no news.
The current state of crypto right now is a snooze fest.
In our years of experience of writing this letter, there has been very few occasions where there is basically no news worth reading, let alone writing about.
No, really – it’s that bad.
The past couple weeks, for example, have been filled with:
SBF & FTX Trial drama (we all know how this ends)
Hacks on obscure protocols you’ve never heard about (business as usual)
Exchanges like Gemini & Coinbase doing their best to expand overseas (alright, cool)
A bunch of members of Congress grilling SEC Chair Gary Gensler (we wrote about it here, but still, that narrative is nothing new)
BitBoy gets arrested! (who cares!)
ETH Futures (it was a flop, as expected)
More BTC ETFs get delayed
Yet another random organization launching an NFT campaign (sigh)
In reality, none of this really impacts or sways the Average Joe of crypto.
You can make the argument that a looming Bitcoin ETF actually matters, however, it’s highly anticipated and almost exhausting at this point.
Regardless, most news events hardly resonate with the everyday crypto enthusiast these days. They don’t shift the scales of adoption nor influence the price trajectory of stalwarts like bitcoin (BTC) and ether (ETH). These are all topics we love to dissect and write about, of course.
Crypto’s ongoing slumber is why major crypto publications like MilkRoad now write about Meta VR headsets. It’s why Decrypt now covers content around Gaming and AI. And it’s partly why CoinDesk, the largest crypto publication of them all, is cutting its staff and seeking a sale.
Not to mention, bitcoin trading volumes are trading at levels not seen since 2019.
The funny part is that the news isn’t even bad news anymore. There’s just literally no news. Nothing is exciting either. As a result, mainstream media, it seems, has taken a temporary hiatus from the crypto realm. They don’t care at the moment.
And that say’s something.
To drive the point home: We are currently in the deepest pits of a bear market – a fact apparent not from charts or figures but the deafening silence in crypto journalism.
If this doesn’t scream “accumulation season,” we don’t know what does.