October 2nd:
ApeCoin remains fully hedged since $4.20 with staking rewards going to cash.
I’m much less net short crypto now, rather building a pairs trade of increasing size: Bitcoin Cash (BCH) long vs. short a basket of alt-coins.
I’ll accumulate BCH above $228
I’ll balance that by adding shorts in alts when it’s below that level.
Today I removed hedging on ApeCoin at $1.11
Staking rewards going to PAXG - Paxos Gold token. https://paxos.com/paxgold/
The plan for now:
Back below $1.08 I’ll restore the full hedge on ApeCoin.
If bitcoin is back below $29k and Bitcoin Cash (BCH) below $228, I’ll sell bitcoin and resume shorting alt-coins while staying long BCH above $200.
I’m currently long Bitcoin Cash, Bitcoin, and Solana, in that order of sizing.
These are speculations based on technicals, sentiment, cycles and considerable experience, not investments.
Myths abound about bitcoin and its potential. It matters little that those aren’t true, including supposed hard-coded scarcity or that futures ETF approval would necessarily spike the bitcoin price in the longer term.
It matters much that many believe the hype. At least for now.