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

ETH pumping is the best bull case for altcoins

I have been mostly sidelined on LAUNCHCOIN till now but this looks good, slowly creeping up from $100M to $200M and still a very low mcap given its high mindshare

Bought some

It also looks like a good you can usually add to with limit orders given how it moves up

Why did $GME dump on their new convertible bond issuance news ?

I can't believe the $IP scam is still trading at $4bn FDV

Manipulation at its finest

GameStop fumbled the bag for 2 reasons :

1/ They raised $1.3bn through a convert in March but did not deploy them immediately into BTC despite already holding $4bn in cash. They only bought $500M and at a price much higher than what they could have when they received the convert proceeds. There is a reason Saylor "apes local tops" instead of trying to outsmart the market.

2/ They are completely opaque on their strategy. Do they want to follow the MSTR playbook ? Do they not ? It's unclear. Why would they raise twice through convertible bonds if they are not deploying all their cash into BTC ? No clarity in their plan = no trust from investors

I haven't looked at it in detail but this SBET dump makes zero sense imo

Prob a buy but I am not taking the trade fyi

Why a buy ? Because funds bought $425M worth of shares around $6 and SBET should have used the proceeds to buy $425M worth of ETH

So mNAV should be close to 1

But they are way less transparent than MSTR and did not disclose if they bought so it's completely opaque and favors insiders...

$TIA - $1.75
$BERA - $2

New lows on these two

Crazy

$MOODENG is still up +600% from its bottom

Perma-short for me but I really wonder if they scam it up again

I don't have a strong opinion on the market right now

Bullish on $BTC but it did not dip enough on LTF to be a screaming lev long (I'm long BTC but moderate size)

Bearish on altcoins but OTHERS/BTC is already very depressed and reached new lows again yesterday, and I don't think we'll get an additional liq cascade on the WE

I don't have any edge on the Middle-East stuff other than the chud mantra "nothing ever happens", especially nothing that would justify a massive market impact

This indicator has been working well again on $SUI

$STRK :

You can probably target +50% upside with very minimal downside

I don't know how long the market will take to figure this one out, but looks like an incredible risk-adjusted trade

(I am talking about the MSTR preferred stock, not the StarkNet L2 kek)

$LA is down another -20% from this tweet

The risk is that a short-squeeze can easily bring it up +50%, while the down bleeding is much slower

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.

$ZKJ trading at $2bn FDV for months was a complete mystery to me