Trader Eugene: The bull market cycle is coming to an end, and my own ETH trades have concluded

BlockBeats News, August 24th, trader Eugene Ng Ah Sio posted on his personal channel, indicating that it seems we are at the culmination of the bull market cycle that started in January 2023—I expect this phase to last no more than a few months. Every marginal buyer around the world has in some way shifted to and bought into cryptocurrency, with Bitcoin and Ethereum both reaching all-time highs. The high target of 0.04 for the Ethereum/Bitcoin exchange rate that I set for myself has also been achieved, which for me means that ETH trading has essentially ended.

I will no longer adopt an aggressive strategy—no more large-scale Martingale momentum trading. The strategy focus has shifted from capital accumulation to capital preservation. I will most likely miss out on any subsequent frenzy in the market, but that's okay because these fluctuations no longer align with my trading system. This does not mean that I have exited all positions and gone short (in fact, I still hold long positions), but the net position size has been significantly reduced. I will use the mNAV index of the Cryptocurrency Treasury Reserve Company as a signal for when to re-enter the market with strength, and I expect that by the time this cycle is completely over, the trading prices of most cryptocurrency treasury reserve companies will be below 1x mNAV.

We've had a good run, and now it's time to return to real life.