Crypto markets are notoriously fickle. Round here, fundamentals don’t power prices to the same degree as stocks do — valuations instead tend to reflect a sickly mix of vibes, cult of personality, and memes.

Investing in and trading crypto is murky as a result. Active users, fee generation, total value locked or even developer counts are all metrics that should matter. But they really don’t.

Sentiment is king, and high correlation between digital assets means that when things are bad for bitcoin, then the rest of the market almost always suffers.

It’s no wonder, then, that the concept of “hated rallies” has emerged as our current bear cycle shows signs of letting up. The idea…

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