In short, those who bought at moments of highest hype are probably feeling some pain right now, but a lot of other holders – those who looked for good entry points to accumulate – are still up big. That’s perhaps the most important lesson in crypto investing: because they are so accessible and liquid, these assets are subject to big, quick swings in sentiment leading to fragile blowoff tops. Even more than in equities, Warren Buffett’s timeless advice applies: Be fearful when others are greedy, and greedy when others are fearful.
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