Hunter 🥷

Wanting Binance to collapse is a fucking ridiculous position to take if you actually care about this industry. Criticise the security failure. Demand answers. Expect customers to be made whole. Binance should be held accountable for what happened. But actively hoping the exchange goes under? What exactly do you think you’re wishing for? People are already uncomfortable after a 13% correction. Imagine being unable to withdraw your funds and not knowing when, or how much, you’ll get back. Have we already forgotten what happened when FTX collapsed? Are we really that short-sighted? Withdrawals stopped, customers were left with claims in bankruptcy, and the damage spread to other businesses. Given Binance’s scale, a collapse would be even more damaging than FTX. Other firms could have funds exposed. Customers elsewhere would start questioning their own platforms. Money that might have entered the industry could decide it wants nothing to do with it. You don’t need to like Binance to understand how damaging that would be. It’s easy to cheer for a company to fail when you dislike its executives and the consequences are somebody else’s problem. Much harder when you think about the person refreshing a withdrawal page, wondering whether they’ll get their savings back. I want answers, better security and customers protected. I don’t need ordinary people to get hurt just so someone can post that they were right about an exchange.

I’m adding to my $BTC longs here at $76K. As I’ve repeatedly mentioned over the last month, the $70Ks were always the likely area for the next higher low to develop. The plan was to add on a pullback into that range. If you wanted to buy Bitcoin lower, what did you expect the chart to look like when it got there? We’ve now corrected roughly 13% from the local high and returned to the prior range. I’m not going to spend a month identifying an area where I want to buy, then let a few red candles scare me out of buying it. Could we go another 5–10% lower? Absolutely. I’m fully prepared for that. What I’m not prepared to do is make my participation in the next cycle depend on getting every entry right. I’m positioning for the upside I see over the next 12–18 months, and I don’t need to catch the exact bottom to do that. If Bitcoin trades at $180K over the next few years, I doubt I’ll be complaining that I bought at $76K rather than a few thousand dollars lower. When positioning for a cycle, your job as a trader is to build a position on major pullbacks and give it time to develop. Catching the exact low would be nice, but it isn’t a requirement. I believe we’re approaching the point where the $70Ks won’t be available again.