This is the video recording of our June 17, 2022, All Star Charts Crypto Weekly Strategy Session.
Our List of Crypto ETFs
It can be hard for traditional investors to gain appropriate exposure to crypto. There are many hurdles to jump and hoops to clear.
The Bitcoin futures ETF, launched late last year, is a step in the right direction. But isn’t a perfect solution. Over time, futures ETFs are incredibly expensive, as the fund provider has to constantly roll over the contracts.
In an ideal world, US investors would have a Bitcoin spot ETF, which, of course, does not yet exist.
Another possibility is to skip the Bitcoin/cryptocurrency exposure and invest in crypto-related companies. That’s certainly a viable solution.
From our work, we’ve found MicroStrategy $MSTR is, by far, the most fitting vehicle for those looking to gain exposure to Bitcoin via a traditional stock.
Other stocks, like mining and banking names, have their own idiosyncratic risks and drivers beyond crypto trends, making them less-than-ideal solutions for those seeking exposure solely to cryptocurrencies.
But beyond this is yet another solution.
How about crypto equity ETFs?
US investors have a few choices at their disposal. Let’s run through them all.
Lessons From the Crypto Contagion
From the Desk of Louis Sykes @haumicharts
I’m not sure about you, but these last few weeks have further reinforced my love and passion for crypto.
You know this crypto selloff has been severe when even the media outlets and evening news programs in tiny, old New Zealand are covering it.
Even after years of being with the All Star Charts crew, my family still has no idea what I do every day. Charts? Technical analysis? Cryptocurrencies? You write research? For who?
These are the questions I’m constantly asked. It’s pretty hilarious.
So when I try and explain the headlines they’re reading behind Luna, Ethereum crashing, or who this Do Kwon dude is, I’m often met with blank stares.
Spending my days obsessive and immersed in crypto feels like a video game. This whole industry and community are on an entire other planet.
Squeezy Times
There’s no hiding the fact that we’ve had little to discuss in the way of tactical trading opportunities.
To avoid repeating ourselves, we’re continuing our patient approach. You can read yesterday’s note or last week’s for more detail.
Speaking anecdotally, crypto traders specifically seem incredibly susceptible to a subconscious bias that they always have to be positioned. Everyone’s trying to bottom-tick the market to fuel their ego.
It’s a rookie’s mistake, and the reality is far from the truth.
Maintaining the ability to sit out is not only a necessity in markets like these, but I’d argue should be the default option for traders.
The old saying is that there’s only a handful of periods every year to make money. You’re being patient for the rest of the year, waiting for the setup to form.
This perfectly encompasses our approach.
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.
[Crypto] Weekly Strategy Session – June 10, 2022
This is the video recording of our June 10, 2022, All Star Charts Crypto Weekly Strategy Session.
Eyeing a Squeeze in Crypto Stocks
It’s no secret that long-duration assets have been hit the hardest in this bear market, with interest rates on the rise.
Think about growth stocks and the tech junk that peaked in February 2021 — it’s been a painful bleed lower ever since.
But, in recent weeks, even the worst stocks have stopped going down.
And, what’s more, they’re finding footing at notable levels of interest, whether it’s their pre-pandemic highs, their pandemic lows, or their 2018 lows.
Chart of the Day: That Ether….
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