
                                    <div>
                                      <h3>Market View</h3>
                                      <p>Bearish on ETH, shifting to defensive</p>
                                      <h3>Trading Strategy</h3>
                                      <p>Reduced most ETH exposure, prioritizing capital preservation, no longer aggressively long, only maintaining tactical longs in some smaller tokens</p>
                                      <h3>Core Logic</h3>
                                      <p><ol>
    <li>
The main ETH long thesis has played out, multiple risk warnings are flashing, and the risk/reward for staying aggressively long is no longer attractive
    </li>
    <li>
capital protection is the focus
    </li>
</ol></p>
                                    </div>
                                    

Taken off a lot of risk including majority of my ETH here - I have no idea how much more crazy things get but multiple warning signs are flashing to me. 

The idea for the original ETH long @ 2.5k has fully played out with two legs of the ETH trade now captured (2.5 -> 4k and then 4k -> 4.8k). 

The third leg (if we get it) will involve everyone being right together as TradFi just slams ETH non stop. Whilst not impossible I think the r/r for staying aggressively long is no longer there for capital protecters. 

Although I still remain tactically long other smaller names, I’m keeping my nets low and shifting back into capital preservation mode again.

Enjoy this market whilst it lasts ~

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