Aside from ETH, SOL, and a small position in HYPE, I don’t hold any other altcoins long-term—mainly because the risk-reward isn’t favorable. The fundamental issue is that altcoins haven’t seen new capital inflows for two full cycles, and there’s no sign of reversal. Even strong blue-chips like UNI and AAVE have formed lower highs over two cycles, but their high volatility still makes them relatively suitable for swing trading. Take Pump, for example—a project built on fabricated data. Its last pump was fueled by fake metrics and livestream narratives during the early bear market, but once it listed on Upbit, it collapsed entirely. The fabricated business metrics were nearly identical whether its market cap was $1 billion or $7 billion; trading this is essentially the same as gambling on pump-and-dump coins. Even popular projects like NEAR are effectively pump-and-dump coins at their core: no one uses the blockchain, and no one uses its exchange services—yet everyone is betting it’ll replicate ZEC’s trajectory just because Naval mentioned it. These are purely pump-driven plays; short-term swing trading is fine, but I wouldn’t dare hold large positions long-term. Currently, aside from ETH and SOL, my main allocations are in crypto stocks: CRCL, COIN, and HOOD, and yesterday I added back some BNC. This allocation gives me at least some peace of mind. My goal isn’t ambitious—I just want this round’s spot positions to outperform BTC, while using short-term futures to chase alpha through opportunistic trades.