While some people believe that the prolonged crypto winter is near its end, this is not the case with Messari’s CEO – Ryan Selkis.
He thinks the market could suffer an additional blowback in the near future, arguing that the current situation is worse than the one observed in 2019.
Selkis took it to X (Twitter) to warn the cryptocurrency participants to expect “max pain.” In his view, bear markets could “last longer and go deeper than we want them to.” He believes a “rebirth” will come once the community witnesses some capitulations.
As a matter of fact, the industry suffered not one such event. Recall that the Terra crash, the Celsius Network bankruptcy, and the FTX meltdown triggered multi-billion investor losses and undermined the legitimacy of the entire digital asset sector.
Messari’s boss concluded that the current sentiment in the world of crypto is the worst he had ever seen. “Deeper than 2019. Closes feeling was 2015 for me,” he stated.
We’re approaching max pain. Bear markets last longer and go deeper than we want them to. Need a couple of capitulations, then chop, then rebirth.
This is near the worst sentiment that I’ve ever seen. Deeper than 2019. Closest feeling was 2015 for me.
— Ryan Selkis 🪳 (@twobitidiot) September 11, 2023
It is worth mentioning that investor sentiment towards Bitcoin has significantly improved in 2023 compared to last year.
The popular BTC Fear and Greed Index, which displays the general feeling towards the primary cryptocurrency, has predominantly been in a “Neutral” or “Greed” territory during the first seven months of the year. It entered the “Fear” zone in mid-August following the market’s most recent correction.
However, the situation was much different in 2022 when “Fear” and “Extreme Fear” were much more evident due to the countless catastrophes of former industry leaders.