Forwarded from Birds of a Feather
Trading Reflections for 2025 YTD
- Haven't done one of these in awhile but thought I'd bring it back (with no more numbers this time).
- Generally pleased with how I handled the last few months. They've been exceedingly challenging, with multiple minefields on both long and short sides for select coins. For the most part I've stuck to my gameplan of reducing trade volatility in times of increased uncertainty and reduced PNL volatility.
What I did right
- Called the regime top (with the broader Tangent team's help) in Jan and expressed it via increasing # of short trades and decreasing # of long trades.
- Put on a very large SOL long that netted the largest PNL trade of the year in March that really helped to smooth the PNL curve.
- Dropped trading volume frequency by ~65% in later end of March and April to protect capital.
What I did wrong
- Did not manage to catch the 74k bottom on material size. Generally was offside for the most part of this recovery given the bear bias I had (and still have). It was very difficult to navigate broader macro given my lack of expertise and I did not have the confidence to risk large amounts of capital at mid 70s. Will need to do more homework and reading on the macro front to understand what indicators are leading / lagging.
- Isolating the HTF and LTF biases and expressing them via perps. Think I could've played the bear market rally a lot more aggressively if I noticed early signs like FARTCOIN moving up 3-4x showing early signs of the broader alt market forming a MTF bottom.
At this point I'm flat again, but you know how this game goes. I'll probably be back with another long or short tmr.
- Haven't done one of these in awhile but thought I'd bring it back (with no more numbers this time).
- Generally pleased with how I handled the last few months. They've been exceedingly challenging, with multiple minefields on both long and short sides for select coins. For the most part I've stuck to my gameplan of reducing trade volatility in times of increased uncertainty and reduced PNL volatility.
What I did right
- Called the regime top (with the broader Tangent team's help) in Jan and expressed it via increasing # of short trades and decreasing # of long trades.
- Put on a very large SOL long that netted the largest PNL trade of the year in March that really helped to smooth the PNL curve.
- Dropped trading volume frequency by ~65% in later end of March and April to protect capital.
What I did wrong
- Did not manage to catch the 74k bottom on material size. Generally was offside for the most part of this recovery given the bear bias I had (and still have). It was very difficult to navigate broader macro given my lack of expertise and I did not have the confidence to risk large amounts of capital at mid 70s. Will need to do more homework and reading on the macro front to understand what indicators are leading / lagging.
- Isolating the HTF and LTF biases and expressing them via perps. Think I could've played the bear market rally a lot more aggressively if I noticed early signs like FARTCOIN moving up 3-4x showing early signs of the broader alt market forming a MTF bottom.
At this point I'm flat again, but you know how this game goes. I'll probably be back with another long or short tmr.
Forwarded from Crypto Narratives
It's not that complicated :
- We're in an altcoin bear market so long BTC.D
- Whenever an altcoin is up 2-3x, scale in to short the spikes
- Manage sizing properly to avoid every risk of being squeezed
- Short hope
- Never try longing this filthy creature called ETH
- We're in an altcoin bear market so long BTC.D
- Whenever an altcoin is up 2-3x, scale in to short the spikes
- Manage sizing properly to avoid every risk of being squeezed
- Short hope
- Never try longing this filthy creature called ETH
Looks like the ZORA team will have a good payday tomorrow at least (ref. above screenshot). no wonder why they give AF about launching absolute dog shit
Over 200 comments. Lots of suggestions for places to put your stablecoins to work.
Also, lmk where you are putting your stables
https://x.com/Route2FI/status/1914787013603262932
Also, lmk where you are putting your stables
https://x.com/Route2FI/status/1914787013603262932
X (formerly Twitter)
Route 2 FI (@Route2FI) on X
Where do you guys farm your stablecoins these days?
Basically looking to see if there are some opportunities that I have missed.
Basically looking to see if there are some opportunities that I have missed.
Forwarded from David’s Anecdote
While I’m in Bangkok for a short trip, I’ve been catching up with friends and builders. Wanted to write down a few conversations that stuck with me:
- When it comes to making life decisions, it’s often more helpful to focus on what you don’t like rather than what you do. Using elimination as a framework can actually lead to greater happiness.
- It’s not just Korea where younger generations are struggling — this seems to be a common thread in many parts of the world.
- In the U.S., startups are no longer talked about in terms of broader tech visions. Everything’s been collapsed into one category: AI. And because of that, there’s less conversation about what the future of tech could actually look like.
- In crypto, it feels like we’re no longer seeing the kind of fresh, exciting ideas that once defined the space. Maybe it’s because of how incentives are structured nowadays, or maybe the right talent just isn’t entering the ecosystem anymore.
- If you start to feel a sense of superiority over people outside of crypto, it’s a sign that your growth has stalled. The reality is, this space offers outsized rewards not because we’re better — but because the market itself is still early and volatile.
That’s why it’s so important to have conversations across different age groups, not just with peers. This journey is a marathon, not a sprint.
- When building crypto products, being able to clearly convey the product’s value is already half the battle. But don’t confuse “clarity” with oversimplification — the goal isn’t to dumb things down, it’s to make them intuitive.
Crypto, by nature, is not simple. And the typical user doesn’t necessarily seek simplicity either. What matters is helping people feel the value — to make it click on an intuitive level.
- Writing articles and longform research to build personal branding isn’t as effective anymore — unless you're either insanely talented or doing it full-time. Writing can amplify a brand, but building one now requires lighter, more consistent content.
People’s attention spans are shrinking fast. Unless you already have an established brand, it’s hard to break through with longform content alone.
- When it comes to making life decisions, it’s often more helpful to focus on what you don’t like rather than what you do. Using elimination as a framework can actually lead to greater happiness.
- It’s not just Korea where younger generations are struggling — this seems to be a common thread in many parts of the world.
- In the U.S., startups are no longer talked about in terms of broader tech visions. Everything’s been collapsed into one category: AI. And because of that, there’s less conversation about what the future of tech could actually look like.
- In crypto, it feels like we’re no longer seeing the kind of fresh, exciting ideas that once defined the space. Maybe it’s because of how incentives are structured nowadays, or maybe the right talent just isn’t entering the ecosystem anymore.
- If you start to feel a sense of superiority over people outside of crypto, it’s a sign that your growth has stalled. The reality is, this space offers outsized rewards not because we’re better — but because the market itself is still early and volatile.
That’s why it’s so important to have conversations across different age groups, not just with peers. This journey is a marathon, not a sprint.
- When building crypto products, being able to clearly convey the product’s value is already half the battle. But don’t confuse “clarity” with oversimplification — the goal isn’t to dumb things down, it’s to make them intuitive.
Crypto, by nature, is not simple. And the typical user doesn’t necessarily seek simplicity either. What matters is helping people feel the value — to make it click on an intuitive level.
- Writing articles and longform research to build personal branding isn’t as effective anymore — unless you're either insanely talented or doing it full-time. Writing can amplify a brand, but building one now requires lighter, more consistent content.
People’s attention spans are shrinking fast. Unless you already have an established brand, it’s hard to break through with longform content alone.