100% agree -- I was using price momentum as a proxy but really it's some version of "how much can the whole crypto space think something will happen without their trading correcting the price?"
and the answer is, roughly, 0.30%/day.
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Great thread but I feel like it isolates for price signal over other underlying market dynamics. For me it’s about information propagation, notoriously sluggish in crypto. Price is just one component of information prop. but a bull market requires more than price action alone. twitter.com/SBF_FTX/status…
