Recently, well-known trading expert Eugene (online name 0xENAS) released a striking market analysis within the crypto world. He stated that he has significantly reduced his long positions and adopted a defensive strategy to cope with the upcoming August market.

Eugene pointed out that the cryptocurrency market in August has traditionally been highly volatile and difficult to predict, and this year may be no exception. He particularly emphasized that the performance of the altcoins market this year could be the weakest in history. Although the price of Ethereum (ETH) has risen, it has not spurred the prosperity of the entire crypto assets market as it usually does.

The trader's analysis suggests that the current rise in ETH prices is primarily driven by institutional investors, rather than retail investors. This phenomenon has resulted in a lack of significant funds flowing into other smaller Crypto Assets, leading to a lack of vitality in the overall market. Based on this judgment, Eugene advises investors to continue focusing their attention on ETH, rather than dispersing funds into other higher-risk alternative coins.

Eugene's perspective offers valuable insight for investors, reminding everyone to maintain a cautious attitude in the upcoming August and to allocate assets reasonably to cope with potential market fluctuations.