It’s been just reported that there’s an emergency update revealed in the crypto space by crypto trader Alex Saunders. Check out all the available details revealed by the online publication the Daily Hodl.
In a YouTube video, he told his subscribers that even if he’s long-term bullish on crypto, he is now taking a step back, and he plans to hit the sell button on a few of his positions.
The online publication the Daily Hodl notes that Saunders highlights the huge returns that some assets have already made, highlighting parabolic projects like Aave and Synthetix (SNX).
He says when investors with deep pockets have made 100x, they are likely to pull out a large portion of their funds.
“I just think that we need a pretty big washout considering everything that I’m seeing on the charts. Just the attitudes of people, the sentiment…” he explained.
He continued and said that “You walk down the list of fundamentals, technicals, and the sentiment psychology, and you ask yourself where we are for the majority of altcoins and even for Bitcoin and Ethereum? And I just think that what people don’t realize is that when things have gone up this much in this period of time when smart money has been early investors, they take profits.”
He addresses DeFi funds
He also made sure to point out to the fact that “So these crypto funds, these decentralized finance (DeFi) funds, when they’ve made 10, 20, 700x on SNX and AAVE, people that put money into those – they expect fund managers to take profits.”
We suggest that you check out the original article posted by the Daily Hodl in order to learn more details.
Also, make sure to check out the video that he shared on his YouTube account.
Stray tuned for more news and keep your eyes peeled on the market.