Continuing from the previous issue, firstly, the spot itself does not require frequent operations, and secondly, I am too lazy to update here.
From the data of multiple holders, we can clearly see the signs of withdrawal of long-term holders. I will not give examples one by one. I will only use Figure 1 for understanding.
The obvious retreat of long-term holders is an established fact, and it is also obvious that short-term holders have temporarily lost momentum (Figure 2).
Although I subjectively believe that the adoption of spot ETFs and the hot money that has not yet arrived will still be the driving force for the next wave of rises, in the face of data, the investment method must be changed from a completely radical holding state to a controlled drawdown state. In the long term, It seems to be one of the healthy and long-lasting practices. If there is a clear exodus of long-term holders caused by a second wave of gains, then I will even switch to a defensive posture with less long-term value.
At this stage, at-the-money options retain the value of the position, sell them on spot, and cope with the retracement of the market to the greatest extent. This is my operating idea.