May Mid-Month Update: Traders Quiet While Waiting for Whales to "Try It"

It hasn't quite been an apocalyptic level of collapse here in May thus far, but it certainly hasn't been a great time for hodlers and bulls after the 2023 party started coming to a halt approximately one month ago. Bitcoin (-7%) and Ethereum (-12%) are struggling over the past 30 days, and support lines continue to be tested on a daily basis. Mid and lower cap assets like Filecoin, Aptos, and Arbitrum are really suffering because of it.

We can see that the big negative outlier here has been Hex, which has seen more extremes outside of perhaps Pepe here in 2023. Richard Heart's pride and joy, Hex, has always had a polarizing fanbase. And going from above $0.126 just seven weeks ago, to below $0.029 now, has just separated the minority of believers from the majority non-believers even more.

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