It seems like after the FTX collapsed, a lot of folks are done with crypto. Is this the end for crypto? I have no idea. Have I exited all crypto investment? No.
I have a small bag of ETH which I bought at a average price of $1300. I’m using these ETH to write call options on Dopex. I’m also writing some Puts to buy more ETH at a lower price. This is all done on the Arbitrum network. I’m hoping to farm some Arbitrum tokens when they do decide to airdrop tokens.
Next, I’m still running my bot trading using Bitsgap (read about my bot trading experience) on Binance. It seems like Binance has enabled spot trading for Singapore again. This time round, I’m running the bot on GMX which has a higher volatility than ETH or BTC.
With the profits I made from the bot trading, I have set up Binance’s auto invest function to auto invest $50 every day into a portfolio of BTC, BNB, Matic, Doge and Shib.
I’m using auto invest because I’m tired of looking at prices every hour, trying to decide when I should buy this and that.
Honestly, I’m not sure how this is going to turn out. But if I believe that there is going to be another bull cycle in the next 1 or 2 years time, then this strategy should work. If it all goes to $0, then no choice lor. I have to be like Temasek and write off this investment.
And also for this to work, I’m hoping that Binance will not do a FTX on me.
Update [14/12/2022]: with all the Binance FUD going now, I have stopped my bot trading, and transferred all asset out until the dust settles.
So what are you doing during this period?
As always. none of what I write should be taken as financial advice.
