A well-known trader noted that the market correction is mainly concentrated in AI stocks, while BTC and ETH have demonstrated resilience.
1 hours ago
Renowned trader Doctor Profit posted that on July 18, he decided to take profits on his Bitcoin short position built around $120,000 while retaining his stock short positions. Despite still expecting a potential downturn in the broader market, he has started dollar-cost averaging into BTC and ETH. The current correction is concentrated mainly in the AI sector, with multiple AI stocks plunging sharply, while BTC remains stable within its range and ETH has shown strong resilience. The S&P 500’s impact on BTC is currently relatively limited. While it is still too early to draw conclusions, this may support his original judgment that this round’s major correction may focus on AI stocks rather than a large-scale sell-off of BTC and ETH. Doctor Profit said his current stock short positions include MicroStrategy (-64.8%), Coinbase (-51.8%), SanDisk (-49.4%), Palantir (-40.6%), Netflix (-34.3%), IBM (-32.2%), Microsoft (-28.2%), and NVIDIA (-8.6%), generating significant unrealized gains. Apple (+26.2%) and the S&P 500 (+4%) have been unfavorable to his positions. He added that he invested in Coinbase last week, so his current Coinbase short position is mainly used as a hedge, and he plans to gradually close it out and take full profits in the coming weeks.
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