Thread by @JoeyKoh_

Mid-Month Crypto portfolio

Made quite a few moves, so wanted to share it for transparency and self-accountability. Main moves:

Increased BTC / SOL exposure
Sold much of L2 tokens on Solana ecosystem
Freed up cash as dry powder
Reduced DeFi activity

2/

I am positioning for a #Bitcoin ETF approval. However, it can still be delayed or rejected. I have spare cash ready to buy that dip if it ever comes.

Bitcoin has been quite the brainless investment, especially for the long-term. ETF talk just reinforces the lindy effect.

3/

I took a hard look at my L2 tokens & wondered: how & why value should accrue to these tokens. They are hardly deflationary & emissions only provide a stable source of selling.

The talk about governance token is also quite hollow. Every token is a 'governance' token.

4/

There are a rare few tokens with the status & standing in their ecosystem to have a governance function be a net benefit, especially in terms of price.

When retail comes back the price will surely bounce, but value/$ will still accrue to L1s first.

5/

Hence, I either rebalanced my L2 positions into other L1s ($LUNA) or $SOL, while occassionally buying some jpegs hehe.

Broadly speaking, Solana NFTs have also becomed saturated; without extensive research, its hard to find projects with true potential beyond blue chips.

6/

This NFT venture has been a fruitful lesson for me & I'll continue a little DCA into projects that I find interesting and have potential. If that fails, I guess i'll baghold and find a spot in the metaverse to show them jpegs off then 💯

7/

On DeFi, I have reduced my farming activity and for now, I only have:

2 pools on Orca
1 leveraged farm on Solfarm
Raydium staking
SOL-stSOL stable farm (Sunny)

All rewards are sold routinely to USDC. I think I had enough of token emissions & hoping it'll appreciate in price

8/

Bullish Bitcoin feels like a crowded trade going into Q4, but perhaps it is time for Bitcoin to show whos boss around here. Other L1s have already appreciated a fair bit (vs USD and BTC pairs).

Also waiting for my 2 miners from Compass Mining to come online by end of month!

9/

In any case, this is a marathon, not a sprint. Though the speed of cycles can be intense, I think what's important that we learn from our mistakes and position ourselves (and our holdings) for the better.

Have a great Q4 everyone! Hope everybody can stack more sats.