We've all been there – clutching our crypto bags like sacred relics, whispering "they just don't get it" as markets punish our convictions. My Ethereum maximalism survived the 2018 crash, laughed at "ETH killer" challengers, and doubled down through the Merge. But the cold mathematics of the ETH/BTC ratio finally broke my dogma. 2024 marked a big turning point for Codex’s portfolio.

BTC Remains King

I underestimated Bitcoin’s steady institutional adoption and its resilience as the market's preferred store-of-value. The ETH/BTC ratio has painfully reminded me that narratives and market adoption timelines matter. Recognizing this humbled my perspective, BTC remains dominant for now, and that reality has reshaped my strategy.

Liquidity as a Long-term Gravity Well

Ethereum has undoubtedly built a powerful ecosystem, attracting significant developer and capital interest. Similar to how Facebook secured dominance through network effects, Ethereum’s liquidity and settlement layer potential is formidable and I believe price will eventually value it correctly.

Positioning for Today and Tomorrow

Today, my portfolio reflects a more balanced, BTC-dominant approach. Rather than abandoning ETH, I'm pursuing long-term, steady accumulation through active strategies such as liquidity mining and yield farming. This approach allows me to navigate volatility better, steadily building meaningful exposure to ETH while acknowledging Bitcoin’s current market strength.

In the end, humility in investing comes from accepting that markets often move slower than convictions. By recognizing my earlier misjudgment, I’ve adopted a strategy that aligns better with market realities, allowing for sustainable growth and long-term success. I am but a humble farmer tending the infinite garden.