Crypto Crashes, Again...

In last week's letter, Keeping Out of the Waters, we continued to argue the case for neutrality in the near term.

There's been so little to discuss in the way of actionable trade ideas in this messy, choppy environment. Assessing the price action over the weekend, it seems this patient approach has paid off.

We were stopped out of our starter Bitcoin $BTC long and a few positions in crypto-associated equities at a small loss. As Bitcoin hit our stop in the upper 20,000s, we sold any exposure we had and moved straight back into cash.

Following this volatility, we are not interested in calling a bottom.

Patience has been and continues to be the strategy in this tape.