Trader Eugene: Once again reducing a significant portion of long positions, the current alt season's wealth effect may be the weakest in history

BlockBeats News, July 30th, trader Eugene Ng Ah Sio posted on his personal channel stating, "I have once again reduced most of my long positions and am still maintaining a defensive stance. Historically, August has usually been a challenging month, and I do not think this year will be smooth sailing."

Interestingly, in terms of the wealth effect brought about by the rise in Ethereum price, this round of altcoin season may be the weakest. This once again illustrates that institutional funds are the main drivers of the buying pressure, and the funds have not flowed back into altcoins (which also reaffirms my previous stance of only holding ETH)."