Standard dealer and economist Alex Krüger says he’s presently “max long” on the crypto market.
Krüger tells his 173,800 followers on the social media platform X that he’s hedged and unhedged a number of occasions however he’s now max lengthy in “very concentrated positions.”
The economist notes that he’s trying to “de-risk” quickly. Nonetheless, he acknowledges that Bitcoin (BTC) might drop as little as $52,000 after plunging under $59,000. BTC is buying and selling at $57,093 at time of writing and is down greater than 4.5% previously 24 hours.
Explains Krüger,
“I’m not immune to bear raids. My bigger picture view has not changed: new ATHs later in the year (for Bitcoin). End-of-cycle views make little sense to me. A correction was to be expected.”
The economist additionally notes that he has positions within the layer-1 blockchains Solana (SOL), Toncoin (TON), Aptos (APT) and Core (CORE), in addition to the decentralized knowledge storage protocol Arweave (AR) and Bittensor (TAO), a decentralized blockchain platform that focuses on machine studying and AI.
Krüger provides that APT, CORE, AR and TAO are “much higher risk” than SOL and TON.
The economist additionally notes that Bitcoin had a bearish response to Wednesday’s U.S. Federal Open Market Committee (FOMC) assertion.
“Very rare for price to reverse in full right after the press conference is over. And bearish, as the FOMC was dovish. And now you have trapped intraday longs. The one silver lining is BTC is trading in line with equities.”
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