Week 6: To the Moon with Alpha

by Eric
2024.05.09
Week 6: To the Moon with Alpha


Welcome to Eric's Investment Diary with HEYBIT!

I look forward to investing alongside all of you, our HEYBIT customers, until we all achieve our financial goals together!

My Investment

  • Do you remember? Last week, while the market was not doing well, Alpha managed to generate profits, but Beta was in a continuous decline, right?
  • Fortunately, as the market rebounded, Beta recovered and Alpha also significantly increased its returns, which seems largely due to doubling the leverage to 2x. So far, the strategy of hedging Beta with Alpha is working very well.
  • With the long adjustment period coming to an end and a bull market returning, I am hoping that both Beta and Alpha will soar even higher than now. To the moon!!🚀🌕

My Alpha status

  • Compared to Last week,
    • Alpha’s Return : -3.90% → +7.61% (+11.51%p)
    • Alpha’s PNL : -58.61 USDT → +114.2 USDT (+172.91 USDT)

My Beta status

  • Compared to Last week,
    • HMI12’s Return : -7.46% → -1.98% (+5.48%p)
    • HMI12’s PNL: -89.32 USDT → -23.75 USDT (+65.57 USDT)

Market Overview

🌦️ Important Price Range: $50k-$57k.

BTC recently dropped to $55k after breaking below the $59k mark and quickly rebounded to $65k. However, the $65k to $69k range posed significant resistance, and BTC fell back to $61k. For BTC to continue its uptrend, it must rebound from this level. If it drops below this level, I believe BTC could soon decline to $50k.

🌧️ US BTC Spot ETF Sees $11.5 Million Net Inflows

On May 8th, the US BTC spot ETF recorded a net inflow of $11.5 million. This entire amount was directed to the Bitwise BITB fund. Other funds such as BlackRock's IBIT, Grayscale's GBTC, Fidelity's FBTC, Invesco's BTCO, and Ark21Shares' ARKB reported no new inflows on the same day.

☀️ Trump: "Biden is clueless about cryptocurrencies... I am open-minded”

During a dinner in Palm Beach, Florida, former President Trump criticized President Biden's lack of understanding of cryptocurrencies and suggested that pro-crypto voters should support him. This marks Trump's first public support for cryptocurrencies over Bitcoin. He promised not to regulate the use of cryptocurrencies if re-elected, hinting at a potential crypto-friendly regulatory environment under his administration.

🌧️ Continued Dollar Strength Could Drop Bitcoin to $50k... BTC Rally Depends on US Economic Policy

Due to the strong dollar, stocks, gold, and cryptocurrencies all fell in April. Bitcoin (BTC) saw its largest monthly decline since June 2022, dropping by 16% in April alone. Jamie Coutts, a cryptocurrency market analyst at Bloomberg Intelligence, mentioned on the 9th that Bitcoin's technical indicators are showing weakness due to macroeconomic and liquidity issues. He analyzed that if the DXY (Dollar Index) exceeds 106-107, there is a high likelihood that BTC could fall to the low $50k.

So…

  • While Bitcoin has yet to recover to $70k and continues to face resistance, leading to a prolonged sideways movement that can be tiring, Alpha has been exceptionally resilient and even profitable, providing me great peace of mind. Although Beta is still in a loss, I believe time will resolve this. Since Beta is intended for long-term investment, I'm not worried. I hope that Alpha continues to perform well during this market stagnation.


Updated on May 9, 2024