RT Xeer (@Xeer)hot take: there were never any net new retail buyers entering the market this cycle. it was just the same few of us plus an ungodly amount of leverage introduced via the ‘perp dex meta’ that was bound to unwound eventually. ...

Market Analysis - There were no net new retail buyers entering the market this cycle [1] - The market was driven by the same few participants and excessive leverage introduced via the 'perp dex meta' [1] - The 'perp dex meta' was bound to unwind eventually [1]