The author of the newsletter believes that the recent decline in Bitcoin's price, coupled with outflows from Bitcoin ETFs and macroeconomic uncertainties, indicates the start of a prolonged downturn rather than just a correction. The recent hack of Bybit and potential regulatory oversight as a result of the hack are also contributing to the bearish sentiment. However, there was some positive news for the DeFi sector as the SEC dropped its investigation into Uniswap, which is seen as a significant win for the crypto industry.



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