I previously shared a hedging strategy for long positions in various altcoins, and today marks exactly half a month since then. Including the portions that have been closed, the profit is approximately $3M.

There were some imperfections in the execution. For example, after a brief surge in ETH, I subjectively judged a pullback would occur, so I closed some long positions, only to have to buy back at a higher price, which resulted in some profit loss. Due to the large size of long positions, I selected over thirty coins for short hedging. If the positions had been equal at the start, as strong coins rose and weak coins fell, the proportion of the former would exceed that of the latter. How to select the short targets and allocate the proportions is the core of this strategy.

Regarding the closing of this strategy, I previously shared two approaches in the comments. The more cautious one is to wait for ETH to peak and pull back, and simultaneously start closing both long and short positions. In this case, altcoins are likely to drop more sharply than ETH. The more aggressive approach is to gradually take profits as ETH rises, shifting from hedging to shorting. If the entry points are chosen correctly, it can lock in more profit, but closing long positions too early may lead to losses if the short positions rise.

Currently, it seems that the overall outcome is basically in line with expectations, allowing for a relatively stable capture of this wave of ETH's upward gains. From observations during this period, this strategy tends to profit the fastest when ETH experiences fluctuations and declines, with altcoins generally dropping significantly. Profit retracement usually occurs after a slight rebound in ETH following a drop, where the gains in altcoins are even greater. The market is ever-changing, and there is no one-size-fits-all strategy to make money effortlessly; constant thinking is essential.