Sunday 26 May 2024

An update on my crypto portfolio in 2024

In 2024, I would say that my crypto portfolio is a lot cleaner compared to the highs of crypto in 2022 where I was holding a lot more coins that were like game tokens, I was playing around with so many and have chosen to standardised it to 3-4 positions right now in 2024.

Memecoins and AI tokens have taken the quite the stage once again this cycle as we see individuals who made it big but definitely there are those who lost money. Some might ask me why not just try out with the alts since there might be a chance that I can make it big? But I have grown tired, lost some money in the previous cycle and so just holding onto the bigger ranking coins are enough for me.

I currently have 4 positions in my crypto portfolio, namely Bitcoin, Ethereum, Solana and Chainlink. If you consider the proportion of the individual positions, you can just consider it as Bitcoin and just Ethereum.

Crypto portfolio as of 24 May 2024:

How has it been in 2024 and going into 2025

ETH has been stuck in the $2000 - $3000 USD region for quite some time. Solana has been the one gaining lots this period as the fun memecoins has been there.

But the recent hype on the approval of the ETH ETF has been helping ETH price action as per the chart below:

The listing of the ETH ETF is not yet confirmed, only approval has been given and so there is no set date yet for the listing. It is great news and the approval of the ETH ETF was really rushed with the SEC giving short notices to the companies on what was the progress and so when more action was needed from the company, it was only a few days before the approval.

2025, the year when everything goes wild?

When we entered 2024, it was predicted that there will be 6 rate cuts but now, we are almost halfway into 2024 and yet 0 rate cuts have happened and most predict for 1 rate cut this year. So most of the cuts are predicted to happen in 2025 and 2026, but of course, nothing is certain and the FED has for now says that they would like to observe the inflation data over a period before deciding.

When the interest rate cuts starts, it is predicted that the markets will rally as money would be more accessible so we can see how it all goes. In the meantime till then, continue accumulating and will update along the way as time goes.

Friday 24 May 2024

ETH ETF has been approved | Why this is particularly interesting and crazy

 Hi guys! Its cuurently about 5.30am, 24 May 2024 and it was announced by the SEC that ETH ETFs have been approved, there have 8 ETH ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton approved.

None of my friends are really into cryptocurrency so I do not have anyone to share the news with although it is exciting as ETH is my largest holding in my crypto portfolio. Not life changing amount but a nice amount, comfortable allocation. ETH has been rather "boring" in it's price action recently compared to BTC which had ETF listing and the ETF listing and alts going up and up. Solana stole the show as we saw it soar back up as the ease of using it and cheaper fees attracted huge numbers. 

Holding ETH felt horrible as it was stagnant looking at the rest, even the price action after the approval of the ETH ETF has not propel it upwards and beyond. The ETH ETF will not list immediately as there are still some forms to be completed and approval so it will take some time and anything can still happen. It feels rushed and we can only hope that the listing will go smoothly although it will take some time.


 What now? 

As we see ETH ETF being approved, many have said that SOL ETF is coming up or even a DOGECOIN ETF? The banks and major institution has gotten so much interest and definitely money/fees from the BTC ETF so there is no limit to how much they can continue to earn if they can endlessly generate crypto ETF but of course these are all to the SEC and regulation to decide. As well as volume.

Some individuals do not see a huge funds inflow into the ETH ETF as much as BTC ETF after all Bitcoin is definitely much more "sellable" and easier to understand. But a percentage of the inflow of the BTC ETF would already be great. Currently, it does feel like the approval has been priced in but the Asian population is mostly not awake yet so we shall see towards the end of 24 May 2024 on how it is.

Why it feels so surreal? 

Just last week, the consensus was that the ETH ETFs will not get approved as it was a already very close to the deadline and normally, much more preparation and time will be needed so no news meant that the ETFs were most likely not going to be approved. 

So the updates from the SEC to the issuers happened within the week and it was a rollercoaster ride as the initial thoughts were that the ETFs are not going to be approved. Well, I do not have any positions in Nvidia so this news makes it up for the FOMO. I never imagined that BTC and ETH could be in the stock market at such a fast rate. Meanwhile, meme time will entertain us until the official listing of the ETH ETFs! Have a great Friday and weekend ahead!