Looking forward to the ETH ETF release on 23rd July 2024

 Twitter has been having lots of discussion on how Ethereum (ETH) will react to the release of ETFs after Bitcoin’s (BTC) successful release which propel BTC to it’s high of almost US$74,000 in March.

Some have mentioned that ETH might reach another all time high while some say that there will be a selloff and ETH will lose power from here as it is a much more difficult product to sell than Bitcoin etc.

What I think

I am not too pessimistic and with Ethereum being the largest portion of my crypto portfolio, I definitely would like it to be performing well. I do see the ETH ETF as a positive in flow for Ethereum but not too sure how retail tradfi investors will react to it as it is not as simple as Bitcoin.

Today is 20 July 2024, we can see an overall positive trend for cryptocurrency as they go green. Overall, it is a great achievement if we just think back on the journey.

My Journey in crypto

I started crypto investing in November 2020 when Bitcoin was $18,000

Read more: Cryptocurrency | Why I am getting into it and is it too late? 

At that time, I was thinking that I got in too late, buying it at $18,000 (of course, I wasn’t able to afford one), I bought it in decimal points hahaha but from that time on, I started on my journey to reading up and opening up to this other world of investment products that would propel my portfolio to another level.

End 2020 and 2021 were amazing years for crypto, money was piling in, Youtubers were talking about it, NFTs were the craze. My portfolio was about $30,000 at that time and we also saw GameStop mooning in early 2021, getting my ledger nano S set up.

I got into Ethereum soon after and then the crash happened, my whole portfolio was devastated but I was happy it happened when my portfolio was $30,000 because it taught me not to sell in fear and that HODL-ing was vital and if possible add more position at a cheap price.

Read more: Reactions to a market dip | Having some panic to being calm and buying the dip

I was scared as it was my first crash and BTC in 2022 fell to US$14,000 while ETH fell to a low of about US$966. I did not add much as I was afraid but I was proud of myself for holding on and not selling off, as they slowly recovered in 2023, I started adding positions and now hold a substantial position relative to my portfolio. It wouldn’t make me a millionaire but I am comfortable with the current amount unless it goes up so high that I would have wished I bought more.

Read more: I got liquidated and lost my whole LUNA position | Anchor Borrow

What I am doing

In the previous bull market, I did not take profit and instead held through the highs and lows. For this time, if it soars up above US$4500, I might take profit, what I have done is to have a ladder way to take profit. I set multiple price targets and with each target hopefully, I will sell some and eventually hold onto the remaining.

I am excited that it is happening within my lifetime haha and it’s just so cool and fun to be part of it. Sitting tight for the ETH ETF and hoping for rockets to blast off but crypto is unpredictable so we shall see if it will be upwards or a sell off towards the downside.

Affiliate links/Codes:

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