Benson Sun Reviews Crypto Market Downturn: Multiple External Shocks Alter Bull Market Assumptions, Original Judgments Should Not Be Clung To

November 15 - Coinkarma founder Benson Sun posted a review of recent market conditions, stating that many traders gave back previous profits during this downturn, with some accounts experiencing drawdowns of millions or even tens of millions of dollars, and others losing everything and exiting. He believes that based on the information available in September, it was not unreasonable for multiple traders, including himself, to judge the market as being in an "early bull market."

Benson Sun stated that, however, subsequent events such as the Binance hack, the Democrats winning both houses of the US Congress, and Jensen Huang's departure changed the premises on which the original judgment was based. Trading results falling short of expectations do not mean the reasoning at the time was wrong; but after the premises changed, one should not cling to the original judgment or completely dismiss the previous analysis. He wrote: "What should be adhered to is the analytical framework, not the conclusion."