v2

One must be careful not to be blinded by the permabear argument of no net new money flows into alts, lest they wish to miss the outsized returns of non-bull market rallies

The only requirement for these rallies is that demand exceeds supply for a multiweek period

July 2022 & Jan 2023 saw many large/mid caps become multibaggers. And even with net outflows out of crypto, some coins still trade at prices higher than the pre-rally levels

Don't underestimate the impact of sidelined capital