Famous trader Eugene exits crypto and warns about Bitcoin

Well-known trader Eugene says he is largely saying goodbye to the crypto market. He is shifting his focus to US stocks and currently sees no attractive risk-reward opportunities in crypto. Moreover, he speaks negatively about Strategy and Michael Saylor, and indicates that he is not buying Bitcoin for now.

Bitcoin is available at OKX and Bybit.

From crypto to stocks

Eugene, a trader with a large following, shares via Telegram that he is largely leaving the crypto market behind. He finds the stock market intellectually more challenging and sees many more opportunities there, both as a trader and as an investor. Given the current state of the crypto market, he expects this to remain the case for now.

Eugene says he will continue to monitor crypto from a distance, but will only actively participate again when truly attractive risk-reward opportunities arise. He currently sees none. The Bitcoin price currently stands at $63K, a slight increase of 0.5% in the past 24 hours. However, that is no reason for Eugene to enter, especially in light of the significant losses that the Bitcoin bear market has already produced.

Negative about Strategy and Saylor

A striking part of his message concerns Strategy, Michael Saylor’s company that massively buys Bitcoin. Eugene suggests that this could be the beginning of a larger breakdown process. He doubts whether Saylor has recently sold more Bitcoin than the previous week, but even if that is the case, he believes it does not resolve anything structurally.

As long as Strategy and Bitcoin remain so strongly linked, Eugene sees no reason to go long on Bitcoin. He admits he does not know the bottom, but says he does not plan to try to time it. That ties in with broader concerns in the market: analysts have long been debating where exactly the Bitcoin bottom lies, while spot volume on crypto exchanges falls to its lowest point since 2023.