I wrote about how I am buying my crypto bags this crypto winter. I stopped doing that when the Binance FUD happened last month.
Now that the dust has settled, and Binance seems to be still operational, I have restarted my bot trading using Bitsgap (read about my bot trading experience).
This time round, there is a new narrative in the crypto town. LSD. Not the drug, but Liquid Staking Derivatives.
And because LSD narratives are all the rage now, they make for good counters to be used in bot trading because of the high volatility. Of course holding them would make you more money, but that’s not the goal of this.
Here’s how much I made running them for the past 2 weeks. I had to keep closing and restarting them because they went out of range and I couldn’t edit the price range. I made around USD$4,000 from a $18,000 capital.
I have been stacking more ETHs with some of the profits from this. Because I think ultimately, with the Shanghai upgrade, once withdrawal is enabled, more people will be staking their ETH to earn yield. And everyone loves yield producing ponzi assets.
On top of that, ETH is deflationary (at time of writing).
You have a yield producing and a deflationary token, I don’t see how ETH will not reach ATH in the future.
IMHO, ETH is a safer ponzi asset, than $LDO and $FXS.
$LDO is a governance token, that doesn’t earn you any yield. $FXS requires you to lock your tokens to earn rewards. (read my 2 most important lesson in crypto to learn how I feel about locking tokens). That said, I do have a small bag of LDO and FXS that I planned to hold until the Shanghai upgrade.
But do remember, sentiments in crypto can change very fast. At time of writing, I am feeling very bullish for ETH.
As always. none of what I write should be taken as financial advice.
