Trader Eugene: The altcoin market is over, say goodbye to crypto treasury companies
ChainCatcher message, trader Eugene Ng Ah Sio posted in his personal channel that there have been many profound analyses regarding Friday's events. I will briefly mention a few points:
- The altcoin market has ended for the foreseeable future. The scale of wealth destruction this time, as well as the manner in which it was executed, will leave a long-lasting imprint on the minds of participants.
- Long-short strategies are not feasible in the crypto market. These strategies may work in normal market conditions, but they often fail at the most critical moments.
- Contagion will occur, but the extent is yet to be determined. I hope there are no systemic major issues.
- Goodbye, crypto treasury companies.
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