Bitcoin tested its all-time high today and reversed sharply, with ETH briefly trading above $3,800 for the first time since December 2021.
Memecoins went parabolic this week, with PEPE touching $3B and Solana sensations BONK and WIF posting triple-digit percentage gains.
At the risk of sounding like a broken record, I’ll reiterate that market conditions are increasingly frothy. Perpetual funding rates hit a 3-year high this week and remain elevated despite $700M in liquidations today.