Where'd all the hype go?

Skyrocketing memecoins are few and far between, the altcoin market sentiment is lukewarm at best, and Bitcoin just lost its $60k support.

Even news of the first Solana ETF applications wasn't enough to break the slump, so what's it gonna take?

VanEck, followed shortly after by 21Shares, filed for the first ever Solana ETFs in the U.S. last month, but after a brief 6% pump, SOL settled right back into its downward trajectory.

When comparing the ETH to SOL ratio from when Ethereum ETFs were first approved to Solana's applications just now hitting, it's clear to see that SOL just hasn't been able to match ETH's hype.

It is worth noting these are just applications, and approval is a whole other ball game, so maybe that's why we're seeing such lackluster reception so far.

It might just be that no one really expects these applications to get approved, or it could be a combination of high Fed rates, stickier-than-expected inflation, and uncertainty around the U.S. election surprising the market as a whole.

At a bare minimum, at least one of those issues will be resolved by November. However, in the crypto world, a few months can feel like an eternity.

My plan?

Stick to the plan.

There's definitely something to be said for being willing to adapt to changing market conditions, but there's often no better course of action than trusting and following through with the decisions you made when you were clear-minded.

For those of you feeling the pain this week, just know I'm right there with ya. 🤝

 
- Joey Segura