The S&P is less than 1% off its all-time high, while crypto stocks have already been cut in half.
In the tech bear-market rankings Kobeissi posted today, three crypto-related names made the top ten: Coinbase -56%, Circle -44%, and Robinhood -40%. The S&P closed at 7,743.98 on October 28, just shy of the 7,818.93 record set on October 6.
So stop saying that “buying crypto stocks is a safer way to get in.” COIN is essentially a leveraged version of BTC. When the coin price falls from $126,000 to around $80,000, COIN will only fall harder—and it also has to contend with earnings and regulatory risks. Robinhood reported a 55% drop in crypto revenue this week, and its stock got hammered in turn. No surprise there.
Kobeissi’s article from two weeks ago, “The Invisible Bear Market: A Historic Opportunity,” racked up five million views. They sure know how to write a headline. A big drop doesn’t mean something is cheap. Before you buy the dip, make sure you know whether you’re buying the valuation or the sentiment.
If you want crypto beta, just buy crypto directly. At least you won’t also be taking on the company’s own business risks.
#币股 #COIN
In the tech bear-market rankings Kobeissi posted today, three crypto-related names made the top ten: Coinbase -56%, Circle -44%, and Robinhood -40%. The S&P closed at 7,743.98 on October 28, just shy of the 7,818.93 record set on October 6.
So stop saying that “buying crypto stocks is a safer way to get in.” COIN is essentially a leveraged version of BTC. When the coin price falls from $126,000 to around $80,000, COIN will only fall harder—and it also has to contend with earnings and regulatory risks. Robinhood reported a 55% drop in crypto revenue this week, and its stock got hammered in turn. No surprise there.
Kobeissi’s article from two weeks ago, “The Invisible Bear Market: A Historic Opportunity,” racked up five million views. They sure know how to write a headline. A big drop doesn’t mean something is cheap. Before you buy the dip, make sure you know whether you’re buying the valuation or the sentiment.
If you want crypto beta, just buy crypto directly. At least you won’t also be taking on the company’s own business risks.
#币股 #COIN
