Eugene Ng Ah Sio has exited most of his long positions, predicting a challenging August and a historically weak altcoin season, with institutional interest in Ethereum leading market dynamics.
On July 30, renowned crypto trader Eugene Ng Ah Sio announced that he has exited most of his long positions, adopting a defensive strategy as August approaches. He highlighted that this month is traditionally challenging for predictions and expressed concerns about the current alt season, which he believes may be the weakest in history. While Ethereum prices have increased, this has not resulted in a significant wealth effect, indicating that institutional investors are the main buyers, with a lack of funds returning to the altcoin market. Ng recommends continuing to focus on ETH investments.