Eugene cites unattractive risk-reward in crypto and expresses bearish views on Bitcoin-linked strategies.
A well-known trader has largely exited the cryptocurrency market, shifting capital to US equities due to poor risk-reward conditions. The trader stated that current crypto valuations lack appeal and signaled no plans to buy the dip in Bitcoin or related assets.
The move follows a period of high correlation between Bitcoin and equity-linked crypto strategies, which the trader now views as vulnerable. Prior positioning had favored long exposure to digital assets, but recent market dynamics prompted the rotation.
No immediate market reaction was specified, though the shift reflects broader sentiment among macro-focused investors.