Another scary week for my altcoin stocks as I watched them melt down but I was both frozen into non-action and also thinking about buying the dip. For sure, Black Wednesday May 19, 2021 will be forever etched into my mind as a dark day in crypto. For the week, all six positions in my altcoin stocks portfolio were losers.
Whether it was a Elon Musk tweet or China crypto ban or a classic Wyckoff Distribution Event, the institutional money certainly took advantage of the FUD and relieved the weak hands of their crypto and their derivative stocks.
But what should I do? retrench or abandon ship? The dip caused some doubts and affected my mindset. I lost a bit of motivation to write this post. That was the major negative thing that happened to me. But my rationale for continuing on was that I don't have a large position in these stocks yet so I can ride it out and buy the dip.
I did not add to any positions but if I did it would go straight to the Evolve Ether ETF (ETHR), given they are not charging any management fees until May 31. Note to self - find the money to buy some ETHR this coming week.
The portfolio so far - Two stocks purchased in late 2020 - Ether Capital (ETHC) and 3iQ Ether Fund (QETH) have gone up over 223% (drop from 360% week before) and 213% (drop from 440%), respectively.
Five weeks ago, I bought into ETHR and due to the drop, the return is now-3.8%. Also, bought DeFi Technologies, which is up 9%.
Over the first few months of 2021, I diversified into some altcoin stocks, specifically Graph Blockchain (GBLC), a company that is earning staking rewards for the Polkadot, Cardano, Chainlink and Tezos tokens and Intellabridge Technologies (INTL), a company working with the Terra blockchain.
Below are the rate of returns of my portfolio based on my brokerage summary at the end of each week.
Ethereum Stocks
Ether Capital (ETHC):+222.9% (May 21/21) +360.0% (May 14/21) +338.3% (May 7/21) +241.8% (Apr 30/21) +230.1% (Apr 23/21) +244.5% (Apr 16/21) +198.5% (Apr 9/21) +169.7% (Apr 1/21) +154.3% (Mar 26/21) +159.8% (Mar 19/21) +180.5% (Mar 12/21) +195.8% (Mar 5/21) +193.1% (Feb 26/21) +225.6% (Feb 19/21) +231.9% (Feb 12/21) +249.0% (Feb 5/21) +170.6% (Jan 29/21) +233.7% (Jan 22/21) +238.2% (Jan 15/21) +277.0% (Jan 8/21) +197.6% (Dec 31/20) +57.8% (Dec 24/20) +68.7% (Dec 18/20) +38.9% (Dec 11/20) +38.0% (Dec 4/20) -17.0% (Nov 27/20)
DeFi Technologies (DEFI.neo):+9.4% (May 21/21) +11.3% (May 14/21) +17.7% (May 7/21) +23.2% (Apr 30/21) +25.1% (Apr 23/21) +22.3% (Apr 16/21) +60.9% (Apr 9/21) +65.5% (Apr 1/21) +72.9% (Mar 26/21) +74.7% (Mar 19/21) +99.5% (Mar 12/21) +130.8% (Mar 5/21) +137.2% (Feb 26/21) +175.9% (Feb 19/21) +49.0% (Feb 12/21) -9.9% (Feb 5/21)
Ethereum Closed-end fund
3iQ The Ether Fund (QETH):+213.2% (May 21/21) +439.8% (May 14/21) +384.9% (May 7/21) +276.6% (Apr 0/21) +230.7% (Apr 3/21) +269.8% (Apr 16/21) +218.5% (Apr 9/21) +207.8% (Apr 1/21) +165.6% (Mar 26/21) +181.7% (Mar 19/21) +167.0% (Mar 12/21) +129.2% (Mar 5/21) +118.7% (Feb 26/21) +190.5% (Feb 19/21) +230.0% (Feb 12/21) +234.9% (Feb 5/21) +139.2% (Jan 29/21) +119.5% (Jan 22/21) +94.2% (Jan 15/21) +117.7% (Jan 8/21) +39.0% (Dec 31/20) +11.6% (Dec 24/20) +10.4% (Dec 18/20) -3.9% (Dec 11/20)
3iQ took a massive drop. Is it time to get out and start anew? Maybe sell QETH, realize my 200%, buy into ETHR before month end while it's still negative.
Ethereum ETF
Evolve Ether ETF (ETHR):-3.8% (May 21/21) +65.4% (May 14/21) +44.1% (May 7/21) +15.9% (Apr 30/21) -0.3% (Apr 23/21)
Major selling point - no management fee until May 31/21. Now down -3.8% since purchase. Market cap at $31.45M. I should buy more.
Other Altcoin Stocks
Graph Blockchain (GBLC):-49.5% (May 21/21) -47.0% (May 14/21) -36.8% (May 7/21) -34.3% (Apr 30/21) -15.9% (Apr 23/21) -14.1% (Apr 16/21) -26.7% (Apr 9/21) -34.3% (Apr 1/21) -39.4% (Mar 26/21) -40.0% (Mar 19/21)
10 weeks of negative action. but I'm stubborn. I see they have added Tezos as a token to stake.
While still in the red, the reason I'm in GBLC is that I would like to stake some Cardano in a Cardano staking pool. Given that I have only a small amount of Cardano, perhaps a better bet is to buy into a stock that already does staking in Cardano (and Polkadot and Chainlink to boot, which are top 15 coins per CoinGecko.com).
As an aside, I made my first crypto trade on Coinbase, transferring some BAND Protocol tokens for some Cardano (ADA). I just might jump into a Cardano staking pool myself.
Intellabridge Technologies (INTL):+45.3% (May 21/21) +51.4% (May 14/21) +63.7% (May 7/21) +80.0% (Apr 30/21) +47.3% (Apr 23/21) +73.9% (Apr 16/21) +88.2% (Apr 9/21) +78.0% (Apr 1/21) +2.3% (Mar 26/21) +10.5% (Mar 19/21) +12.5% (Mar 12/21)
INTL has been a pleasant surprise but it has dropped in price the last few weeks. They are developing a Kash app that is using the Terra blockchain.
Conclusion
Well, that was a shocker of a week. Time to retrench and buy the dip.
Goal for the week - I will find the money to buy some ETHR.
