Crypto is getting smoked. The average token is now in its second 60% drawdown of the last 12 months. And the majors are not fairing much better. 

Over the past few months, Steve Strazza has talked about flipping his portfolio from long crypto to short crypto. He's closed his long-term Solana and Coinbase positions, sold his Bitcoin mining stocks and altcoins, and even started shorting crypto. 

The bottom line, according to Strazza, is the two best crypto vehicles are currently sporting all the classic characteristics of fresh downtrends. 

See how he's playing these downtrends in this conversation with JC Parets.