Mania is a warning sign for the last inning of a bubble. But mania is often hard to point out definitively because it’s always comparative. It’s the clearest warning sign , but only in hindsight.

The WSB/GameStop saga (that keeps going on) is a sign of mania from the TradFi. TradFi views BTC/Crypto as a sign of mania as well.

This makes me wonder how long can this market go like this. Maybe once retail-led short squeeze becomes normalized, and TradFi embraces crypto, were will be then on the last inning.

I also wonder what happens to BTC then. It is designed as the perfect hedge for easy monetary policy. But its “venture bet” characteristics — i.e. the fact that it still has a potential to be realized as a true substitute for Gold — makes it a risk-on asset for now.

More questions than answers for the time being.