On August 6, top trader Eugene Ng Ah Sio shared some of his long-term views on market operations on social media, mainly including:
1. I am generally reluctant to actively go long when there is a lot of uncertainty and weakness in the market.
2. I have bought altcoins before, but I set a risk limit and stopped buying after Bitcoin fell below $60,000. I will not buy these altcoins again in the foreseeable future.
3. This decline is a combination of uncertainty in the US election + unwinding of yen carry trades. But what I am most worried about is a deep recession, as this usually triggers a deep stock market bear market, and cryptocurrencies have never experienced such a situation.
4. Despite the sharp declines in recent weeks, I still see a considerable amount of complacency in the market.
5. As always, I recommend making capital preservation a top priority in this situation.