OTHERS/BTC is one of the better risk-on indicators in crypto. I’ve done a bit of a deep dive on potential bottom signals on this chart, and I think there are many, but for now just check out how it looks compared to SPY. OTHERS (smaller cap cryptos) priced in BTC has been surprisingly resilient while the SPY falls. Take the three weeks of price action after the blue line as the starkest example: If you’d like an indicator which captures some larger cryptos but definitively excludes stablecoins, take TOTAL3ES/BTC and compare it to SPY: Right now my base case is weeks and maybe months of ugly forced selling driven by the conflict in Iran, so I’m not actively taking out new positions in ALTs. I prefer to view this as a prelude to the direction of the market after forced selling is done and emergency printing commences (it’s very hard to imagine those two not happening in sequence).