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I setup a long BTC / short alts strategy on a small sub-account as an experiment and it looked like that

- Long BTC leg around 2x larger than the shorts => I started with 1.5x but that's clearly too low imo

- Short more than 100 alts (so very diluted shorts), with almost all of them being sub $1bn FDV

- I doubled down on some of the shorts when the alts started moving up in early May, which is probably not a good idea because I often doubled down way too early on altcoins that ended up being the top performers (ex: GOAT, PENGU, PNUT). This means that the shorts with the most size were also the shorts pumping the most, increasing the negative uPnL a lot on these.

- This previous point leads me to think that keeping equal size (or close to) on most shorts and not adding on the ones that pumped the most is probably a better strategy. Losers remain losers.

- You can see that the drawdown in May was pretty brutal, but it's been very smooth since then. Finding how to reduce this drawdown is key.

Crypto Narratives
Crypto Narratives
I still haven't found an evergreen way to express the long $BTC / short altcoins trade without taking the risk of a substantial drawdown on these moves
I setup a long BTC / short alts strategy on a small sub-account as an experiment and it looked like that

- Long BTC leg around 2x larger than the shorts => I started with 1.5x but that's clearly too low imo

- Short more than 100 alts (so very diluted shorts), with almost all of them being sub $1bn FDV

- I doubled down on some of the shorts when the alts started moving up in early May, which is probably not a good idea because I often doubled down way too early on altcoins that ended up being the top performers (ex: GOAT, PENGU, PNUT). This means that the shorts with the most size were also the shorts pumping the most, increasing the negative uPnL a lot on these.

- This previous point leads me to think that keeping equal size (or close to) on most shorts and not adding on the ones that pumped the most is probably a better strategy. Losers remain losers.

- You can see that the drawdown in May was pretty brutal, but it's been very smooth since then. Finding how to reduce this drawdown is key.
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How to Invest in Bitcoin?

Like a stock, you can buy and hold Bitcoin as an investment. You can even now do so in special retirement accounts called Bitcoin IRAs. No matter where you choose to hold your Bitcoin, people’s philosophies on how to invest it vary: Some buy and hold long term, some buy and aim to sell after a price rally, and others bet on its price decreasing. Bitcoin’s price over time has experienced big price swings, going as low as $5,165 and as high as $28,990 in 2020 alone. “I think in some places, people might be using Bitcoin to pay for things, but the truth is that it’s an asset that looks like it’s going to be increasing in value relatively quickly for some time,” Marquez says. “So why would you sell something that’s going to be worth so much more next year than it is today? The majority of people that hold it are long-term investors.”

I setup a long BTC / short alts strategy on a small sub-account as an experiment and it looked like that

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