ProofOfBeard

Here's the secret sauce anon. The Compound exploiter is dumping, and dumping hard - their hand has been forced. It now looks like an initial paper value of nearly $2m will be offloaded for well under $1m, in large part courtesy of the AMM wallet stepping in and removing some of the available liquidity and creating some red candles. We're seeing A LOT of people rotating other assets into pwBTC while this dump-fest is happening, and here's where the magic begins. In doing so, you're partially gifting the value of your tokens to the exploiter + the AMM wallet - in effect this is a really good exercise in rinsing people out of their core tokens. Some people will pick up a decent deal and wait for a 1.5 or 2x before they dump, but there's hundreds of thousands of $ rotating into pwBTC as we speak, and the liquidity simply won't be there for everyone to exit afterwards. pwBTC probably sees an initial recovery pump once the 2 main parties have offloaded, followed by 2nd bleed as everyone tries to rotate back into the core assets they dumped to chase the red candles. And who took the value out of your hands? An exploiter + the AMM wallet. Some of that damaged the ecosystem, some of that strengthened the position of someone who wants it to succeed. The ecosystem will be weaker by whatever value the exploiter manages to dump and bridge, but hey, keep listening to the guys pushing retarded narratives.

A rollercoaster of emotions in one picture