It’s been a few months since I’ve done a portfolio update, and things have shifted around a little bit on my end so it felt like a good time to do another one.
There’s no sugar coating it: since the last update on July 21st, my crypto portfolio is down roughly 44%.
BTC was around $117k back then, and is $90k today, so BTC is down 23%.
Therefore, I underperformed holding Bitcoin by a significant margin.
That’s to be expected though and honestly I am genuinely OK with that performance — most people will underperform the big dog when the market is choppy or bearish (which it obviously has been lately). The main reason to hold alts is on the expectation (or hope) that they outperform BTC when things are bullish, which my portfolio has certainly done for significant portions of this year.
My philosophy moving forward is much the same as it has been this year: less is more, consolidate into fewer positions, make fewer moves, and try and hold some of the big movers that are likely to outperform if and when we get another bullish run (and then take profits into stables as prices climb).
As you can see, I have fewer overall positions now. I still have a few too many holdings for my liking, but every time I do this process I find a few to cut out, and the goal is next year to be sitting on less than 10 total coins.
If you haven’t read my initial post on how I conduct a portfolio review, then I highly recommend going back and giving that a read:
Letter 67: My Portfolio Review Process
Without further ado, let’s take a look at my current portfolio and I’ll talk through the rationale for the changes I’ve made, and plans moving forward: