Placeholder Partner: It is difficult to quickly form sustained buying after this round of crypto market plunge. We will consider buying again if BTC falls to $75,000 or lower

Chris Burniske, former head of crypto at Ark Invest and current partner at Placeholder VC, wrote on the X platform, "It's increasingly clear that last Friday's plunge has put the crypto market on hold in the short term. It's difficult to quickly generate sustained buying after such a crash. This cycle has been disappointing for most, which may be limiting action as everyone hopes for a 'market recovery' or previous all-time highs. It's easy to get caught up in the minutiae of charts, but looking at the monthly charts for BTC and ETH, it shows we're still in high range (albeit with cracks), which is ideal if you're considering taking profits. The MSTR is falling, gold is warning, as are credit markets, and stocks will be the last to react. We can always have a weak rebound, but I've already taken action (remember, cashing out is never all or nothing). I'll be watching BTC's reaction to $100,000, but I'd probably become interested again if it reaches $75,000 or lower. This bull market is different from the past, and the next bear market will be different too."