In the past I would trade this wave and make money. Not anymore. Been there, done that.

The issue is not buying, but knowing when to close the position. That’s the part that people always fuck up. Smashing buy in these moments is the easy part… taking profit when the euphoria is near its peak is insanely hard.

It takes you being OK with all your euphoric “friends” thinking you’re an idiot or a coward. It takes you sitting with the agonizing discomfort of being “wrong” for a while and then being fine with watching people you care about get wrecked eventually. It takes seeing the “more perfect” selling point spike up again and again (or even be way higher than you anticipated- because it’s really easy to underestimate stupidity).

It doesn’t matter when you sell- in that moment you’ve gone on the short side of an asset you believe in… and you’re a turncoat. Being a successful trader long term takes a special kind of fucked up person… you may be lucky enough to learn this viscerally like me.

Most importantly… all of this shit takes energy. Energy that can be put elsewhere- like building things.

So to all of you who decide to play the leverage game this round (yes, that’s what publicly traded BTC treasury companies are): enjoy it if you can… and godspeed. I wish you the best, and I hope you can ride the wave in such a way that’s it’s a worthwhile venture to you.

Despite being fundamentally bullish and agreeing with many of the takes here about where we are headed… my time, capital and energy are going to building Conduit and stacking in self custody this round. Blinders on.

Cheers and good luck my friends. Be kind to one another- it’s just money.