Eugene: This "alt-chain season" may be the weakest in history, and I am taking a defensive stance on the August market.

According to PANews on July 30, renowned crypto trader Eugene (0xENAS) announced that he has exited most of his long positions and is maintaining a defensive stance. He noted that August is traditionally a difficult month to predict, and this year's market may not be smooth sailing either. Furthermore, he noted that this "alt season" may be the weakest in history. While ETH prices have risen, it hasn't brought about a significant wealth effect. This suggests that institutional investors are the primary buying force, and funds are not flowing back into the altcoin market. Therefore, he recommends continuing to focus on ETH investments.