Trader Eugene Shifts Strategy Ahead of White House Crypto Summit

Trader Eugene, a prominent figure in the cryptocurrency market, has announced a significant shift in his trading strategy ahead of the upcoming White House crypto summit. In a recent statement, Eugene revealed that he has closed most of his long positions, citing a change in the risk-reward ratio as the primary reason for this decision.

Eugene noted that the previous risk-reward ratio was heavily tilted towards long positions, with Bitcoin (BTC) at $80,000 and Solana (SOL) at $130. However, he now considers the situation relatively neutral, leading him to close most of his long positions. He also mentioned that both latecomer shorts and longs are likely to be liquidated, emphasizing the importance of disciplined trading for maintaining profitability.

Regarding the upcoming White House crypto summit, Eugene expressed uncertainty about the potential impact on the market. He stated that he has not yet determined whether the current price action represents a bullish reclaim of the range or a bearish downside retest. Instead, he plans to let the price action guide his decisions, particularly after March 7th.

Eugene also acknowledged the potential influence of former President Trump's involvement in the crypto market. While he doubts that Trump can include SOL, ADA, and XRP in the strategic reserve and obtain congressional approval, he recognizes Trump's ability to achieve his goals. Therefore, Eugene will maintain a lighter risk exposure until the market's strength or weakness becomes clearer after the White House crypto summit.